Singapore's SembCorp sets up S$1.5 billion multicurrency issuance program

By Reshmi Basu

New York. Nov. 16 - SembCorp Industries Ltd. said that its wholly owned treasury vehicle, SembCorp Financial Services Pte. Ltd., has set up a S$1.5 billion multicurrency multi-issuer debt issuance program.

The new program will replace the current S$2 billion program once its existing debt has matured. That program, launched in October 2000, will issue no more debt.

The outstanding issuances of S$250 million and S$150 million will be allowed to mature on Oct. 31, 2005 and June 7, 2008 respectively.

Upon maturity of 2005 and 2008 debt, the Singapore-dollar denominated program will be terminated.

The company said the program will achieve more tax-efficient capital market funding.

The Hong Kong and Shanghai Banking Corp. Ltd. will be arranger and dealer for the new program. Other dealers are Citicorp Investment Bank (Singapore) Ltd., DBS Bank Ltd., Oversea-Chinese Banking Corp. Ltd., Standard Chartered Bank and United Overseas Bank Ltd.

Sembcorp is Singapore's largest engineering and construction contractor.

© 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.