ST Engineering subsidiary to issue $1.07b notes on 29 April

The notes will be issued under the $5b medium-term note programme.

ST Engineering RHQ (STE RHQ), a wholly-owned subsidiary of ST Engineering, will issue $1.07b (US$750m) in five-year notes with a 1.5% fixed-rate coupon, according to an announcement.

The senior unsecured notes will be issued on 29 April 2020 and will mature in 2025. It will be issued under STE RHQ’s $5b multicurrency medium-term note programme, which replaces the $1.7b multicurrency medium-term note programme terminated in December 2018.

The programme aims to support the group’s strategy to enhance shareholder value and enable the group to tap the debt capital market, optimising its short-term to long-term debt mix and capital structure.

Net proceeds will be lent by STE RHQ to the ST group, to fund new capital expenditure, acquisitions, general corporate purposes, and refinancing of existing borrowings.

The joint bookrunners for the deal include DBS Bank, JPMorgan (SEA), Crédit Agricole Corporate and Investment Bank Singapore Branch, Mizuho Securities Asia, and Standard Chartered Bank, whilst DBS Bank and JPMorgan (SEA) are the joint global coordinators for the notes.

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