NOL borrows US$1.5 bln for corporate purposes

The shipping company aims to raise funds after posting a net loss of US$741 million in 2009.

Neptune Orient Lines Limited (NOL) has established a US$1,500,000,000 Euro Medium Term Note Programme under which the company may issue notes, a report from NOL said on Monday.

Three major banks: DBS Bank Ltd, The Hong Kong and Shanghai Banking Corporation Limited and Standard Chartered Bank have been appointed as the arrangers of the programme.

Application has been made to the Singapore Exchange Securities Trading Limited (SGX-ST) for permission. The permission will be granted when the notes have been admitted to the Official List of the SGX-ST.

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