Singapore's PSA plans to issue S$500 million in two-tranche deal

By Reshmi Basu

New York, June 29 - PSA Corp. Ltd. said it plans to issue S$200 million of three-year notes and S$300 million of 10-year notes on July 6.

The tranche of three-year floating-rate notes will bear an interest rate of 60 basis points below the six-month Singapore-dollar swap.

Meanwhile the portion of 10-year fixed rate notes will carry a rate of 2.83%.

Proceeds from the private placement will be used for general corporate purposes, for expansion plans and for refinancing of the company's $800 million bond due August 2005, the company said in a release.

DBS has been appointed the sole lead manager for the bonds.

The proposed offering is expected to be listed on the Singapore Exchange Securities.

PSA is a Singapore-based port operator.

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