Singapore’s Pacific Radiance launches S$1 billion debt program

By Marisa Wong

Madison, Wis., Aug. 14 – Pacific Radiance Ltd. established a S$1 billion multicurrency debt issuance program on Thursday, according to a company announcement.

The company appointed DBS Bank Ltd. and Oversea-Chinese Banking Corp. Ltd. as the joint arrangers and dealers of the program.

Under the program, the company may from time to time issue notes of various tenors and senior or subordinated perpetual securities in tranches denominated in Singapore dollars or any other currency. Notes may bear interest at fixed, floating or hybrid rates.

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

Pacific Radiance owns and operates offshore vessels and provides subsea services, shipyard services, marine equipment and project logistics to the oil and gas industry. The company is based in Singapore.

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