By Jennifer Chiou
New York, Sept. 17 - SMRT Corp. Ltd. announced that its subsidiary, SMRT Capital Pte., will issue S$150 million of fixed-rate notes under the S$1 billion multi-currency guaranteed medium-term note program that was set up on Tuesday.
The five-year notes will bear interest at 2.42%.
According to a company release, strong interest from bond investors resulted in the offer being more than two times oversubscribed. It closed within half an hour of the launch of the notes.
The deal was priced on Wednesday at 10 basis points above the five-year Singapore-dollar Swap Offer Rate in denominations of S$250,000.
Proceeds will be used for the group's general corporate funding needs.
Settlement is slated for Oct. 7.
"We are very pleased with the keen investor response for our issue," Lim Cheng Cheng, executive vice president and chief financial officer, said in the release.
"This issue helps us re-establish SMRT's presence in the Singapore-dollar bond markets in a very positive manner."
Hongkong and Shanghai Banking Corp. Ltd. was the arranger for the program and is the dealer for the first issue.
SMRT is a Singapore-based transport operator.
| Issuer: | SMRT Corp. Ltd.
|
| Issue: | Fixed-rate medium-term notes
|
| Amount: | S$150 million
|
| Maturity: | Oct. 7, 2014
|
| Coupon: | 2.42%
|
| Price: | Par of S$250,000
|
| Dealer: | Hongkong and Shanghai Banking Corp. Ltd.
|
| Pricing date: | Sept. 16
|
| Settlement date: | Oct. 7
|
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