New York, April 7 - Temasek Holdings (Private) Ltd. priced S$792 million of five-year zero-coupon guaranteed notes exchangeable for the common stock of Keppel Corp. Ltd. at par with a 38% initial conversion premium.
The offering was issued via Temasek's subsidiary Arcadia Global Corp. Ltd.
J.P. Morgan (S.E.A.) Ltd. was bookrunner for the offering, which was placed with sophisticated and institutional investors.
Temasek said the sale will cut its stake in Keppel to 22% from 32% and is part of its corporate financing program and ongoing active management of its portfolio. It added that it has no plans to further reduce its stake in Keppel.
Temasek owns and manages the Singapore government's investments. Keppel has operations in offshore and marine, real estate and infrastructure.
| Issuer: | Arcadia Global Corp. Ltd. (Temasek Holdings (Private) Ltd.)
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| Issue: | Guaranteed exchangeable notes
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| Underlying stock: | Keppel Corp. Ltd.
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| Amount: | S$792 million
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| Maturity: | 2009
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| Coupon: | 0%
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| Price: | Par
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| Initial exchange premium: | 38%
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| Exchange price: | S$10.21
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| Exchange ratio: | 24,481.03 per S$250,000 principal amount
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| Bookrunner: | J.P. Morgan (S.E.A.) Ltd.
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| Pricing date: | April 7
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| Settlement date: | April 13
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