New York, May 16 – Hyflux Ltd. announced the sale of up to S$300 million of perpetual capital securities with an initial 6% coupon.
The coupon will step up on May 27, 2020 to the swap offer rate plus 620 basis points and reset every four years subsequently, according to a notice form the company.
The securities will be sold at par.
Of the total amount, S$230 million will be sold to the public through electronic applications, S$20 million will be sold to directors, management and employees of the company and its subsidiaries and S$50 million will be sold to institutional and other investors under Regulation S.
The total size may be increased to S$500 million at Hyflux’s option and the allocations may be changed.
If less than S$100 million of applications are received the offering will be canceled.
DBS Bank Ltd. is bookrunner.
Hyflux is a Singapore-based water treatment firm.
| Issuer: | Hyflux Ltd.
|
| Issue: | Capital securities
|
| Amount: | S$300 million
|
| Maturity: | Perpetual
|
| Coupon: | 6% initially, resetting on May 27, 2020 and every four years subsequently at swap offer rate plus 620 bps
|
| Price: | Par
|
| Bookrunner: | DBS Bank Ltd.
|
| Pricing date: | May 16
|
| Distribution: | Public in Singapore, Regulation S
|
|
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
