By Jennifer Chiou
New York, Aug. 1 - Banyan Tree Holdings Ltd. said it completed an issue of S$60 million of notes due Aug. 1, 2011 under its medium-term note program.
The notes priced at par to yield 5½%, with interest payable semiannually.
The offering was launched at S$50 million but closed higher on the back of strong investor demand for the notes.
On Oct. 18, 2007, the company established the S$400 million multicurrency note program. The agent is Hong Kong and Shanghai Banking Corp.
Banyan Tree said that this brings its total notes issued to date under the program to S$160 million.
Proceeds will be used for working capital, for investment and capital spending and for refinancing debt.
Banyan Tree is a Singapore-based manager and developer of premium resorts, hotels and spas in the Asia Pacific.
| Issuer: | Banyan Tree Holdings Ltd.
|
| Issue: | Fixed-rate medium-term notes
|
| Amount: | S$60 million
|
| Maturity: | Aug. 1, 2011
|
| Agent: | Hong Kong and Shanghai Banking Corp.
|
| Coupon: | 5½%, payable semiannually
|
| Price: | Par
|
| Yield: | 5½%
|
| Distribution: | Regulation S
|
| Settlement date: | Aug. 1
|
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