PIL’s bonds eagerly snapped up

Singapore: In its first ever Singapore bonds issuance local containerline Pacific International Lines (PIL) has raised $241m. The bonds come with a three year maturity and a yield of 5.9%.

The bonds were arranged by Credit Suisse, Standard Chartered Bank and DBS Bank.

Proceeds from the bonds would be used for refinancing existing borrowings and financing investments for general working capital purposes.

The issue is part of a medium-term note programme of up to S$1bn ($806m) announced by PIL on the Singapore Exchange last month.

In the run up to issuing the bonds, privately held PIL had to release its financial statements publically for the first time. The containerline has been in the red twice since 2010, notching losses of $98.6m and $66.1m for 2011 and 2013 respectively.  [09/07/14]

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