The Changi Airport Group (CAG) has, on May 12, issued $500 million worth of 10-year notes under its $2 billion multicurrency medium term note programme.
The SGD-denominated notes were issued at an issue price of 100% of their principal amount and in denominations of $250,000. The notes will carry a coupon of 1.88% per annum and are due May 12, 2031.
The notes were offered by CAG under the exemptions invoked under Sections 274 and/or 275 of the Securities and Futures Act, Chapter 289 of Singapore.
The notes are rated “Aaa” by Moody’s.
SEE:Moody's assigns Aaa to Changi Airport Group and its MTN notes for the first time
The notes come with a “Put Option Event”, which will occur when no member of the group holds a valid airport license from the Civil Aviation Authority of Singapore (CAAS) to operate any part of Changi Airport.
Each holder of the notes, following the occurrence of such an event, will have the right to require CAG to redeem the notes at its redemption amount within 60 days from the date of the exercise.
The notes will be listed on the SGX-ST on May 14.
