Hong Kong's Tan Chong arranges S$500 million medium-term note program

By Toni Weeks

San Luis Obispo, Calif., May 6 - Hong Kong's Tan Chong International Ltd. announced it has established a S$500 million medium-term note program, according to a notice. HL Bank will be the arranger.

The notes will be issued in series with different issue dates and terms and may be denominated in any currency, subject to compliance with all relevant laws, regulations and directives. The notes will not be listed on any stock exchange.

Net proceeds will be used to finance capital expenditures and for general corporate purposes.

The MTN program will provide a platform for the company to enhance its liquidity, flexibility and efficiency for future funding, according to the notice.

The Wanchai, Hong Kong-based investment holding company conducts business in four business segments: motor vehicle distribution, heavy commercial vehicle and industrial equipment distribution, property rentals and development and other operations.

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