Singapore's Banyan Tree to issue S$70 million of 5½% notes due 2014

By Marisa Wong

Madison, Wis., March 7 - Banyan Tree Holdings Ltd. said it will issue S$70 million of 5½% notes due 2014.

The size of the offering was initially set at S$50 million but was increased on the back of strong investor demand for the notes.

The notes will be issued under the company's S$400 million multicurrency medium-term note program established in 2007. Upon completion of the offering, the total outstanding notes under the program will be S$197.25 million

The Hongkong and Shanghai Banking Corp. Ltd. is the bookrunner for the offering.

The issue date for the notes is expected to be March 14.

Proceeds will be issued to finance investment requirements, for capital expenditure and for general working capital.

Banyan Tree is a Singapore-based manager and developer of premium resorts, hotels and spas in the Asia Pacific.

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