Seatrium sets up S$3 billion multicurrency debt issuance programme
The net proceeds will be used to refinance existing borrowings and fund potential acquisitions, among other things
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[SINGAPORE] Seatrium has launched a S$3 billion multicurrency debt issuance programme, the offshore and marine group said on Wednesday (Apr 8).
The net proceeds will be used for refinancing existing borrowings, funding potential acquisitions and investments, working capital and capital expenditure requirements, as well as providing internal loans within the group.
Seatrium may issue perpetual securities or notes in any agreed currency. Notes can be issued by Seatrium or Seatrium Financial Services, with SFS notes unconditionally guaranteed by Seatrium. All perpetual securities are issued by Seatrium.
Each series or tranche of notes may be issued in various amounts and tenors, and may bear interest at a fixed rate, floating rate or zero coupon.
The debt issuance programme has obtained in-principle approval from the Singapore Exchange. DBS and Standard Chartered Bank (Singapore) are the arrangers and dealers of the facility.
Shares of Seatrium were 1.2 per cent or S$0.03 lower at S$2.45 on Wednesday, before the announcement.
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