By Marisa Wong
Morgantown, W.Va., June 5 – DBS Group Holdings Ltd. announced it priced $750 million of 4.52% subordinated notes due 2028.
The notes (A3(hyb)//A+) will be issued under the company’s $30 billion global medium-term note program and will qualify as tier 2 capital.
DBS Bank Ltd., Citigroup Global Markets Inc., RBC Capital Markets, LLC and Wells Fargo Securities, LLC are the joint lead managers with DBS Bank as global coordinator for the Regulation S and Rule 144A offering.
The notes initially bear interest at 4.52%. If the notes are not redeemed on Dec. 11, 2023, the coupon will reset to a fixed rate equal to the five-year U.S. dollar mid-swap rate plus 159 basis points.
The notes are expected to be issued on June 11.
Proceeds will be used for the company’s finance and treasury activities, including the intercompany loans to DBS Bank Ltd. and its subsidiaries.
The financial services group is based in Singapore.
| Issuer: | DBS Group Holdings Ltd.
|
| Issue: | Subordinated notes
|
| Amount: | $750 million
|
| Maturity: | 2028
|
| Managers: | DBS Bank Ltd., Citigroup Global Markets Inc., RBC Capital Markets, LLC and Wells Fargo Securities, LLC (joint lead); Williams Capital Group, LP (co-manager)
|
| Coupon: | 4.52%; resets on Dec. 11, 2023 to a fixed rate equal to the five-year U.S. dollar mid-swap rate plus 159 bps
|
| Call option: | On Dec. 11, 2023
|
| Announcement date: | June 5
|
| Settlement date: | June 11
|
| Ratings: | Moody’s: A3(hyb)
|
| Fitch: A+
|
| Distribution: | Rule 144A and Regulation S
|
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