FRASER & Neave Ltd (F&N), Singapore's biggest beverage maker, hired four banks to help it borrow $300 million to refinance maturing debt and boost working capital, three people involved in the matter said.
Bank of Tokyo-Mitsubishi UFJ Ltd, Calyon, Malayan Banking Bhd and Natixis are arranging the three-year loan, which pays interest of 1.45 percentage points above the Singapore dollar swap rate, said the people, who declined to be identified because the information isn't public. Fraser & Neave's corporate communications department hasn't replied to an e-mail from Bloomberg News seeking comment.
Fraser & Neave, which owns part of the Tiger beer brewer, last month said it had to abandon plans to sell its Times Publishing unit because of 'the difficulty potential purchasers encountered in securing funding'. The print unit will instead be retained amid a drive to improve its performance, it said.
The company's $300 million 3.4 per cent bonds maturing in 2012 yesterday traded at a 3.7 per cent yield, or 251 basis points above Singapore government debt, according to Oversea-Chinese Banking Corp prices. A basis point is 0.01 percentage point. -- Bloomberg
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