What you need to know about Genting Singapore’s first perpetual bond issue

S$1.8 billion worth of perpetual bonds will be issued in the denomination of S$250,000.

Genting Singapore announced:

The Securities, which will be issued in the denomination of S$250,000, will be perpetual and will confer a right to receive distribution from their issue date at the rate of 5.125% per annum, subject to a distribution rate step-up on 12 September 2022, such distribution to be payable on the Securities semi-annually in arrear, unless deferred in accordance with the Terms and Conditions of the Securities.

The Securities will constitute direct, unsecured and subordinated obligations of the Company and will rank pari passu and without any preference among themselves and with any Parity Obligations (as defined in the Terms and Conditions of the Securities).

The Securities may be redeemed at the option of the Company in whole, but not in part, on 12 September 2017 or any Distribution Payment Date (as defined in the Terms and Conditions of the Securities) thereafter and otherwise upon the occurrence of certain redemption events specified in the Terms and Conditions of the Securities.

The Securities are expected to be issued on 12 March 2012, subject to the satisfaction of customary closing conditions.

The Company has mandated DBS Bank Ltd. and The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch as Global Coordinators, and DBS, HSBC, CIMB Bank Berhad, Deutsche Bank AG, Singapore Branch and J.P. Morgan (S.E.A.) Limited as Joint Bookrunners and Joint Lead Managers, and Oversea-Chinese Banking Corporation Limited as co-Manager, in respect of the proposed issuance of the Securities.

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