Singapore Exchange (SGX) has successfully launched and priced its debut US$250 million issuance of notes due 2026 (Notes) under its S$1.5 billion multicurrency debt issuance programme (MTN Programme) which was established in October 2019.
The Notes will carry a coupon rate of 1.234% per annum, payable semi-annually. The Notes are expected to mature in September 2026.
Moody’s Investors Service (Moody’s) has assigned Aa2 long-term local and foreign currency ratings to both the senior unsecured component of SGX’s MTN Programme and to the maiden drawdown. The MTN Programme and drawdown ratings are based on SGX’s Aa2 rating, which is the highest credit rating assigned to any exchange group by Moody’s.
The net proceeds from the issuance will be used to finance investments of SGX and its subsidiaries, to refinance existing debt as well as for general corporate purposes.
Mr Ng Yao Loong, Chief Financial Officer of SGX, said, “We would like to thank the investment community for their strong support and demand for our Notes. Our debut bond issuance, which attracted robust interest from high quality investors across the region, was more than 9 times over-subscribed. This follows the highly successful convertible bond issuance earlier this year, and reflects investors’ broad-based confidence in the resilience of our multi-asset business model and ability to navigate near-term challenges. Moving forward, we will continue to be financially-disciplined as we invest strategically to strengthen our value proposition to customers.”
Citigroup Global Markets Singapore Pte. Ltd., DBS Bank Ltd., and Standard Chartered Bank (Singapore) Limited are the joint lead managers of the Notes issuance.
This release should be read and understood in conjunction with the full text of the announcement issued on SGXNet today on the same subject.
This announcement is for information purposes only, is not an offering circular or prospectus, and does not constitute or form part of an invitation or offer to acquire, purchase or subscribe for the Notes (as defined below).
Nothing in this announcement constitutes an offer of securities for sale in the United States or any other jurisdiction where it is unlawful to do so. The Notes have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws of the United States or any other jurisdiction, and may not be offered or sold in or into the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements under the U.S. Securities Act and any applicable state or local securities laws of the United States. The Notes are only being offered and sold outside of the United States in reliance on Regulation S under the U.S. Securities Act.
Neither this announcement nor any portion hereof may be reproduced, taken, sent or transmitted into the United States or any other jurisdiction if such action is prohibited by applicable law. Any failure to comply with these restrictions may constitute a violation of the United States securities law or the securities laws of any such other jurisdiction.