By Marisa Wong
Madison, Wis., March 28 - Fraser and Neave Ltd. subsidiary F&N Treasury Pte. Ltd.'s public offer and placement of five-year and seven-year bonds closed on March 23, according to a company announcement.
As previously announced, the issuer planned to sell S$300 million of five-year and seven-year bonds to the public in Singapore and to institutional and other investors through a placement.
The offer consisted 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 were offered to the public and S$100 million were offered to institutional investors. Of the seven-year bonds, S$50 million were issued through a public offer and S$100 million were sold through a placement.
As at the closing of the public offer, the issuer received applications for S$40,337,000 of five-year bonds and S$73,689,000 of seven-year bonds. It accepted applications for S$40 million of the five-year bonds and S$70 million of the seven-year bonds by reallocating S$20 million in principal amount of seven-year bonds from the placement tranche to the public offer tranche.
As at the close of the placement, the issuer accepted applications for S$180 million of five-year bonds and S$10 million of seven-year bonds by reallocating S$70 million in principal amount of bonds from the seven-year bonds tranche to the five-year bonds placement tranche.
The bonds were sold at par.
DBS Bank Ltd. was 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.
| Issuer: | F&N Treasury Pte. Ltd.
|
| Issue: | Bonds
|
| Amount: | S$300 million
|
| Bookrunner: | DBS Bank Ltd.
|
| Pricing date: | March 16
|
| Settlement date: | March 28
|
|
|
| Five-year bonds
|
| Amount: | S$220 million (S$40 million in public offer, S$180 million in placement)
|
| Maturity: | 2016
|
| Coupon: | 2.48%
|
| Price: | Par
|
| Yield: | 2.48%
|
|
|
| Seven-year bonds
|
| Amount: | S$80 million (S$70 million in public offer, S$10 million in placement)
|
| Maturity: | 2018
|
| Coupon: | 3.15%
|
| Price: | Par
|
| Yield: | 3.15%
|
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