Chicago, Jan. 17 – SATS Ltd. priced $500 million of 4.828% notes due 2029 (A3), according to a release.
SATS Treasury Pte. Ltd. is the issuer of the inaugural offering. The notes are guaranteed by the parent.
The interest rate is fixed, but the company entered into a swap transaction whereby the dollar proceeds were swapped into euros at a 3.498% fixed interest rate.
BNP Paribas, DBS Bank Ltd., MUFG Securities EMEA plc, Oversea-Chinese Banking Corp. Ltd. and HSBC Ltd., Singapore Branch are joint lead managers and joint bookrunners.
Proceeds will be used to refinance existing borrowings, specifically SATS’ existing €1 billion bridge loans due in May.
The notes are the first issue under a $3 billion multicurrency debt issuance program established in November 2023.
SATS is a Singapore airport service company that provides ground handling and in-flight catering services at Changi Airport.
| Issuer: | SATS Treasury Pte. Ltd.
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| Guarantor: | SATS Ltd.
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| Amount: | $500 million
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| Issue: | Notes
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| Maturity: | Jan. 23, 2029
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| Bookrunners: | BNP Paribas, DBS Bank Ltd., MUFG Securities EMEA plc, Oversea-Chinese Banking Corp. Ltd. and HSBC Ltd., Singapore Branch
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| Coupon: | 4.828%
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| Trade date: | Jan. 17
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| Settlement date: | Jan. 23
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| Ratings: | Moody’s: A3
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