Yinson Holdings has raised $100m from a perpetual bond, the first tranche under its $500m multi-currency perpetual securities programme set up in July.
The bonds, which were issued at par with a coupon rate of 7.85%, have a call option on the fifth anniversary of their issuance.
“The issuance marks the group’s third capital market transaction since its inaugural capital market issuance in September 2015,” Yinson said
“The unique characteristics of the perpetual securities lend towards lowering the gearing levels of the group while buffering equity base and aiding to extend financing maturities.
Net proceeds from the fund raiser will go towards the group’s general corporate purpose and, in particular, future capital investments.
Standard Chartered Bank acted as the principal adviser, sole arranger and dealer for the programme, Yinson said.
“Despite challenging market conditions, we are very encouraged by another successful issuance,” said Yinson executive chairman Lim Han Weng.
“We look forward to deploying capital raised towards new investments and, armed with our proud project execution track record, we are confident of rewarding our investors for their trust and support.”
