Singapore's GuocoLand ups MTN program to S$400 million

By Reshmi Basu

New York, May 17 - GuocoLand Ltd. said it increased the size of its current medium-term note program to S$400 million from S$300 million.

Proceeds from the issue of notes under the increased limit will be used to refinance existing borrowings, to finance the company's investments and for general working capital requirements.

In 2001, the program had been increased to S$300 million from S$150 million.

GuocoLand is a major developer in the private residential property market in Singapore.

Citigroup Investment Bank (Singapore) is the manager of the MTN program.

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