Singapore-listed shipbuilder Nam Cheong has issued SGD75 million (USD55.4 million) worth of 6.5%, three-year, fixed-rate notes at par under its SGD600 million multicurrency medium-term note programme.
The company has appointed Malaysia-headquartered CIMB Bank, Singapore-based DBS Bank, and RHB Securities Singapore as its joint lead managers and book-runners.
The notes, named Series 4 Notes, will bear interest at a fixed rate of 6.50% per annum payable semi-annually in arrears. The notes are expected to be issued on 23 July 2015 and mature on 23 July 2018.
The proceeds from the issue will be used to refinance, in part, Nam Cheong’s existing SGD110 million, 6%, fixed-rate notes due 5 November.
Nam Cheong closed at SGD0.28 on 13 July.