Sembcorp subsidiary issues $300m fixed rate notes at 3.55%

Proceeds will be used for general corporate and working capital needs.

Sembcorp Industries (SCI) has priced $300m worth of 3.55% fixed-rate guaranteed notes due 2046 under its $5b Euro Medium Term Note Programme, the company announced on Tuesday.

The 21-year notes represent the longest-tenured unrated corporate bonds by a Singapore company in recent times. The issuance drew strong investor interest, with demand close to seven times the target size.

DBS, OCBC and UOB were joint managers for the deal.

Proceeds will be used for general corporate and working capital needs.

The notes are guaranteed by Sembcorp Industries and are expected to be listed on the Singapore Exchange on 3 July.