Singapore's Perennial sets up S$500 million multicurrency MTN program

By Marisa Wong

Madison, Wis., Jan. 19 - Perennial China Retail Trust established a S$500 million multicurrency medium-term note program on Thursday, according to a company announcement.

DBS Bank Ltd. and Standard Chartered Bank are the arrangers and dealers for the MTN program.

Under the program, Perennial may, from time to time, issue notes in multiple series or tranches of various amounts and tenors in Singapore dollars or other currencies. The notes may have fixed or floating coupons. The issuer may also issue hybrid notes.

The notes will be guaranteed by the Singapore-based retail development trust's subsidiary, Perennial China Retail Pte. Ltd.

Proceeds will be used to refinance existing borrowings, to finance acquisitions or investments and for general working capital.

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