By William Gullotti
A story in the Oct. 21 editions of the Prospect News Emerging Markets Daily and the Prospect News Green Finance Daily incorrectly reported the currency of new notes from Nanyang Technological University. Additionally, the coupon should have been 2.185% rather than 2 1/8%. A corrected version of the story follows with additional details from an announcement by Nanyang Technological University.
Buffalo, N.Y., Oct. 21 – Nanyang Technological University (NTU) priced S$650 million of sustainability-linked notes (Aaa) due Oct. 20, 2036 at par, according to a listing notice on Wednesday and a company press release on Thursday.
The notes are a drawdown from NTU’s multicurrency medium-term note program.
DBS Bank Ltd. and United Overseas Bank Ltd. are the joint lead managers and joint bookrunners for the offering.
Under the terms of the notes, the company has set a sustainability performance target of achieving carbon neutrality for its Yunnan campus by 2035 while aiming to reduce gross carbon emissions intensity by 50% compared to the 2019 baseline. If the company does not meet its target by the 45th business day before the maturity the notes, the company must pay a one-time fee equal to 0.5% of the principal amount of notes towards additional investments into various research initiatives in the fields of climate research or technologies relating to climate change mitigation or adaptation, and/or purchase renewable energy certificates or certified carbon offsets.
Listing for the notes is expected on the Singapore Exchange effective Oct. 21.
The research university is located in Singapore.
| Issuer: | Nanyang Technological University
|
| Issue: | Sustainability-linked notes, series 001
|
| Amount: | S$650 million
|
| Maturity: | Oct. 20, 2036
|
| Bookrunners: | DBS Bank Ltd. and United Overseas Bank Ltd.
|
| Coupon: | 2.185%
|
| Price: | Par
|
| Yield: | 2.185%
|
| Issue date: | Oct. 20
|
| Listing date: | Oct. 21
|
| Rating: | Moody’s: Aaa
|
| ISIN: | SGXF70293539
|
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