Thailand-based Precious Shipping sets up S$500 million MTN program

By Marisa Wong

Madison, Wis., July 28 – Precious Shipping PCL announced that its wholly owned Singaporean subsidiary, Previous Projects Pte. Ltd., established a S$500 million multicurrency medium-term note program on July 24.

BNP Paribas is the arranger.

The parent company and another wholly owned Singaporean subsidiary, Precious Shipping (Singapore) Pte. Ltd., are guarantors under the program.

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

No notes have been issued under the program as of Tuesday.

Based in Bangkok, Precious Shipping owns and operates dry bulk vessels.

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