SIA taps offshore yuan market via $286.7m notes issue

Net proceeds will fund aircraft purchases and refinance existing borrowings.

Singapore Airlines has launched and priced offshore $286.7m (CNY1.5b) in 2.38% notes due 2031.

The notes will be issued at 100% of their principal amount and are expected to be issued on 30 June, subject to customary closing conditions, according to a bourse filing.

Net proceeds from the issuance will be used for aircraft purchases, aircraft-related payments, general corporate or working capital purposes, and refinancing of existing borrowings.

The notes will mature on 30 June 2031, with interest payable semi-annually in arrears.

They will be issued in denominations of offshore $191,100 (CNY1m) and integral multiples of offshore $2,000 (CNY10,000) above that amount.

The debt securities will be cleared through the Central Moneymarkets Unit Service operated by the Hong Kong Monetary Authority.

The notes are being offered outside the US under Regulation S of the US Securities Act, and in Singapore to institutional and accredited investors under the Securities and Futures Act.

An application will be made to list and quote the notes on the Singapore Exchange Securities Trading Limited.

Bank of China Singapore Branch, DBS Bank, HSBC, and Standard Chartered Bank Singapore are the joint lead managers.

$1 = CNY5.23

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