PSA International to Raise USD 500 Mln from Bonds

Singapore-based port operator PSA International is expecting to collect USD 500 million through an issue of ten-year notes due in 2026, according to a stock exchange filing.

The bonds will be issued under a USD 3.5 billion medium term note programme established in August 2009, with an interest of 2.5 percent per annum.

PSA International said that DBS Bank Ltd. and Deutsche Bank AG, Singapore Branch have been appointed as joint lead managers and bookrunners for the notes, adding that the notes are expected to be issued on April 12, 2016 and mature on April 12, 2026.

PSA said that the net proceeds collected from the issue would be injected into financing the company’s capital and operating expenditures and for general corporate purposes.

The note issue comes on the back of PSA’s 2015 financial report released last month in which the company said it recorded a slight drop of 2 percent in its container volumes as it handled a total of 64.1 million TEUs during the year.

PSA’s revenue declined by 6.7%, while profit from operations dropped by 9.3% due to lower volumes and higher depreciation.

The operator reported its overall net profit for 2015 at USD 934.3 million, 9.5% lower than in 2014.

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