Singapore Banyan Tree completes S$60m notes offering

Singapore Banyan Tree completes S$60m notes offering

By Nick Fang,

SINGAPORE: Banyan Tree Holdings has successfully completed its additional singdollar notes offering.

The company had intended to raise S$50 million initially, but managed to rake in S$60 million instead on strong investor demand.

This brings its total notes issued to S$160 million to-date.

Banyan Tree had announced a S$400 million Multicurrency Medium Term Note Programme in October last year.

The latest notes will mature on 1 August 2011 and bear an interest rate of 5.5 per cent per annum, payable semi-annually.

The net proceeds raised will be used for general working capital, fund capital expenditure and investment requirements, as well as to refinance the existing borrowings of Banyan Tree and its units.

- CNA/so

Source : Channel NewsAsia - 02 Aug 2008

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