Straits Trading Company issues S$500m multicurrency debt
DBS Bank will be the arranger and dealer of the Multicurrency Debt Issuance Programme.
In a release, the Straits Trading Company Limited announced that it has on 13 October 2011 established a S$500,000,000 Multicurrency Debt Issuance Programme and in connection therewith, the Company has appointed DBS Bank Ltd. to act as the arranger and dealer of the Programme.
Under the Programme, the Company may, subject to compliance with all relevant laws, regulations and directives, from time to time issue notes (the "Notes") in series denominated in Singapore dollars and/or any other currencies agreed between the Company and the relevant dealer(s) under the Programme. The Notes will be issued pursuant to exemptions invoked under Sections 274 and 275 of the Securities and Futures Act, Chapter 289 of Singapore.
The Notes may be issued on a syndicated or non-syndicated basis. Each series of Notes may be issued in one or more tranches, on the same or different issue dates, and may be issued at par or at a discount, or premium, to par. Notes may bear interest at fixed, floating, variable or hybrid rates or may not bear interest and, subject to compliance with all relevant laws, regulations and directives, may have maturities of such tenor as may be agreed between the Company and the relevant dealer(s).
The Notes of all series will constitute direct, unconditional, unsubordinated and unsecured obligations of the Company and shall at all times rank pari passu, without any preference or priority among themselves, and pari passu with all other present and future unsecured obligations (other than subordinated obligations and priorities created by law) of the Company.
The net proceeds arising from the issue of Notes under the Programme (after deducting issue expenses) will be used for the general corporate purposes including the refinancing of existing borrowings and the financing of working capital and capital expenditure requirements of the Company and its subsidiaries.
Application has been made to the Singapore Exchange Securities Trading Limited ("SGX-ST") for permission to deal in and quotation for any Notes which are agreed at the time of issue thereof to be so listed on the SGX-ST. Such permission will be granted when such Notes have been admitted to the Official List of the SGX-ST.
The SGX-ST assumes no responsibility for the correctness of any of the statements made or opinions expressed or reports contained herein or in the Information Memorandum relating to the Programme. Admission to the Official List of the SGX-ST and quotation of any Notes on the SGX-ST is not to be taken as an indication of the merits of the Company, its subsidiaries, its associated companies (if any), the Programme or such Notes.