Singapore's Overseas Union opens S$1 billion multicurrency MTN program

By Marisa Wong

Madison, Wis., Jan. 11 - Overseas Union Enterprise Ltd. established a S$1 billion multicurrency medium-term note program on Tuesday, according to a company announcement.

Under the program, the company may issue notes from time to time in Singapore dollars or in other currencies in various amounts and tenors. The notes may bear fixed, floating or variable interest rates.

Standard Chartered Bank is the arranger and dealer for the program.

Proceeds will be used for general working capital and for refinancing existing bank borrowings.

Overseas Union is a Singapore-based company specializing in hospitality services, property investment and investment holding.

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