By Devika Patel
Knoxville, Tenn., April 28 - Otto Marine Ltd. said its subsidiary, Otto Marine Services Pte. Ltd., plans to issue S$100 million of 4.845% fixed-rate notes under its S$500 million medium-term note program.
The notes will be issued at par of S$250,000 and mature in three years.
Standard Chartered Bank is the dealer. Settlement is expected May 6.
Otto Marine will provide a guarantee for the notes.
Proceeds will be used to refinance existing borrowings, finance capital expenditures and for general working capital purposes.
Based in Singapore, Otto Marine constructs, charters and leases vessels.
| Issuer: | Otto Marine Services Pte. Ltd.
|
| Guarantor: | Otto Marine Ltd.
|
| Issue: | Fixed-rate notes
|
| Amount: | S$100 million
|
| Maturity: | Three years
|
| Coupon: | 4.845%
|
| Price: | Par of S$250,000
|
| Yield: | 4.845%
|
| Dealer: | Standard Chartered Bank
|
| Pricing date: | April 28
|
| Settlement date: | May 6
|
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