NOL to issue S$280 mln notes due 2020

Proceeds will be exchanged into USD to be partially used for financing 12 new container ships.

Neptune Orient Lines Limited (NOL) said it will issue S$280 million notes at 4.65% per annum due 2020 under its U.S.$1,500,000,000 Euro Medium Term Note Programme, a NOL announcement said Thursday.

DBS Bank Ltd. has been appointed as the sole Lead Manager and Bookrunner for the Notes.

The notes are expected to be issued on 9 September 2010 and mature on 9 September 2020 and will bear interest at 4.65 per cent. per annum. The Issuer will have the option to redeem the Notes, in whole or in part, at any time on or after 9 September 2015.

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