Singapore: Swissco Holdings today issued S$100m in fixed-rate notes, which are expected to be issued on October 16.
The notes will mature on April 16, 2018 and will bear a fixed interest rate of 5.7% per annum, payable semi-annually in arrears.
The notes were oversubscribed by nearly 10 times, Swissco says. The oversubscription book order is valued at around S$1bn in total.
“We are pleased that strong investor demand has enabled us to complete this bond offering,” Alex Yeo, Swissco’s CEO, said in a company announcement. “This offering not only allows us to take advantage of the lower interest rates available in the credit markets, but also significantly strengthens our liquidity and balance sheet. At the same time, it improves our financial flexibility to capitalise on potential opportunities. The result is a success for both our bondholders and shareholders.”
The notes were issued under the S$300m Multicurrency Medium-Term Note Programme that Swissco established on September 24, 2014.
Swissco Holdings, an international provider of integrated marine services, is listed on the Singapore Exchange Mainboard. [10/10/14]