F&N Treasury issues $125m notes at 2.6% fixed interest

The notes will mature on 20 January 2033 unless redeemed earlier.

Fraser and Neave, Limited's (F&N) wholly owned subsidiary, F&N Treasury Pte. Ltd., has priced $125m of notes due 2033 under its $2b multicurrency debt issuance programme.

The notes carry a fixed interest rate of 2.6% per annum, payable semi-annually in arrears, and are expected to be issued on 20 January, according to a bourse filing dated 13 January.

The issuance will be unconditionally and irrevocably guaranteed by Fraser and Neave, with Uniter Overseas Bank Limited appointed as dealer. The notes will be issued in denominations of $250,000.

The notes will mature on 20 January 2033 unless redeemed earlier.

Proceeds will be used to fund working capital and capital expenditure, as well as to refinance existing debt across F&N and its subsidiaries, joint ventures, and associated entities.

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