Singapore's GB Batteries to issue S$60 million three-year floating-rate notes

By Reshmi Basu

New York, June 16 - GB Batteries International Ltd. said it plans to issue S$60 million of three-year notes under the company's S$500 million multicurrency debt issuance program.

The issuance will be the fourth series under the program and will bear an interest rate of 90 basis points more than the Singapore dollar-denominated six-month swap offer rate.

DBS Bank Ltd. and The HongKong and Shanghai Banking Corp. are joint lead managers. Maybank and Sumitomo Mitsui Banking Corp. are co-lead managers.

Proceeds will be used to refinance existing bank borrowings and to fund working capital requirements.

GB Batteries, based in Singapore, is engaged in the manufacturing and marketing of batteries and battery-related products.

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