Singapore's Fraser and Neave offers S$300 million bonds in two parts

By Marisa Wong

Madison, Wis., March 16 - Fraser and Neave Ltd. said its subsidiary, F&N Treasury Pte. Ltd., will issue S$300 million of five-year and seven-year bonds.

The bonds will be offered to the public in Singapore and to institutional and other investors through a placement.

The offer consists of S$150 million of 2.48% bonds due 2016 and S$150 million of 3.15% bonds due 2018.

Of the five-year bonds, S$50 million will be offered to the public and S$100 million will be offered to institutional investors. Of the seven-year bonds, S$50 million will be issued through a public offer and S$100 million will be sold through a placement.

The bonds will be issued at par.

Applications for the placement bonds will be accepted March 16 to March 23, and applications for the public offer bonds will be accepted March 17 to March 23. All of the bonds are expected to be issued on March 28.

DBS Bank Ltd. is the arranger and bookrunner for the offer.

Proceeds will be used for meeting working capital and other funding requirements and to refinance existing borrowings.

Based in Singapore, Fraser and Neave sells soft drinks, beer, dairy products and glass containers.

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