NOL raises US$320 million in third round of US$1.5 billion bond sale
2012 04 25
- Details
SINGAPORE's Neptune Orient Lines (NOL), the parent company of its container unit APL, has issued S$400 million (US$320 million) in five-year bonds under its $1.5 billion medium-term debt programme after the failure of issuing a proposed perpetual-bond a few weeks ago due to poor subscription.
The bond, with an interest rate of 4.25 per cent per annum, is the third tranche of the debt programme, which is expected to be issued on April 26. Temasek is Singapore's state-owned investment company and holds 67 per cent of NOL.
NOL raised S$580 million in two previous tranches with a longer 10-year term. NOL reportedly plans to use some of the money to repay its $422 million debt due in 2012. The company experienced a net loss of $478 million in 2011 and is likely to have significant net loss and negative operating profits in the first quarter.
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