STE TransCore, the wholly-owned subsidiary of Singapore Technologies Engineering (ST Engineering) S63 , has priced US$500 million ($670.0 million) worth of notes under the group’s $5 billion global medium term note programme.
The notes, which will bear interest at a fixed rate of 4.125% per annum (p.a.), will mature on May 23, 2026.
The notes will be issued in denominations of US$200,000 and integral multiples of US$1,000 in excess thereof.
The net proceeds will be used by STE TransCore to refinance its outstanding short-term US commercial papers. The group the interest expense incurred by the notes are expected to be reduced through the amortisation of the unused treasury lock settlement gains on its balance sheet reserves.
The notes are offered by STE TransCore with exemptions that are invoked under sections 274 and, or 275 of the Securities and Futures Act (SFA).
Shares in ST Engineering closed 10 cents higher or 2.76% up at $3.72 on May 16.
