By Reshmi Basu
New York, Sept. 23 - Hongkong Land Holdings Ltd. said its subsidiary, The Hongkong Land Treasury Services (Singapore) Pte Ltd., issued S$325 million of five-year notes and S$375 million of 10-year notes (A2/BBB+).
The five-year notes carry a 3.01% coupon while the 10-year notes bear a 3.65% coupon. Meanwhile both tranches priced at par.
The oversubscribed issue was increased from the original size of S$500 million. The notes were widely distributed to institutional investors including asset management companies, banks, government agencies, insurance companies and private banks, the company said.
Proceeds from the sale will be used for general corporate funding requirements.
The Hongkong Land Co. Ltd. will guarantee the notes.
DBS Bank Ltd. and The Hongkong and Shanghai Banking Corp. acted as joint bookrunners. UBS AG was co-manager.
This is the first Singapore dollar-denominated issue by the group.
Hongkong Land is a property investment, management and development group with a major portfolio in Hong Kong.
| Issuer: | The Hongkong Land Treasury Services (Singapore) Pte Ltd.
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| Guarantor: | Hongkong Land Holdings Ltd.
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| Issue: | Fixed-rate notes
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| Total amount: | S$700 million
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| Joint bookrunners: | DBS Bank Ltd., The Hongkong and Shanghai Banking Corp.
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| Co-manager: | UBS AG
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| Ratings: | Moody's: A2
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| Standard & Poor's: BBB+
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| Five-year tranche:
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| Amount: | S$325 million
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| Coupon: | 3.01%
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| Issue price: | Par
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|
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| 10-year tranche:
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| Amount: | S$375 million
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| Coupon: | 3.65%
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| Issue price: | Par
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