ST Engineering's North American unit launches US$1.5b note programme

It will issue short-term unsecured notes for tenors up to 397 days.

The subsidiary of Singapore Technologies Engineering (ST Engineering), ST Engineering North America, Inc., has set up a US$1.5b U.S. Commercial Paper Program, guaranteed by ST Engineering.

According to an announcement, ST Engineering may issue short-term unsecured promissory notes for a range of tenors up to 397 days under this U.S. Commercial Paper Program from time to time.

The notes will be offered and sold exclusively to eligible investors in reliance on available exemptions under the United States Securities Act of 1933, as amended. The notes will not be listed on any stock exchange or securities market.

ST Engineering continues to make headways in North America. In June 2018, its aerospace arm opened an airframe Maintenance, Repair & Overhaul (MRO) facility in Pensacola, Florida, USA. It can carry out heavy and line maintenance, as well as aircraft modification work.