Published March 19, 2009

F&N issues $108.25m of fixed-rate notes

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FRASER & Neave (F&N) yesterday issued $108.25 million of fixed-rate notes, the ninth series of a $2 billion multi-currency medium-term note programme established in May 2007.

The dealers for the notes are DBS Bank and OCBC Bank. The notes are issued in bearer form and in the denomination of $250,000 each. Unless redeemed, purchased or cancelled, they mature on March 18, 2016 and carry a 5.5 per cent coupon payable semi-annually in arrears.

The notes are guaranteed by F&N, which will use the net proceeds to refinance existing debt and provide working capital to subsidiaries.

Approval in-principle has been obtained to list the notes on the Singapore Exchange, F&N said.