GuocoLand to Issue S$110 Million Notes to Raise Working Capital

GuocoLand plans to issue notes worth S$110 million, with an annual coupon rate of 2.5%.

In a statement posted on the Singapore Exchange website after the market closed on Monday (June 22), the group said the notes will be issued by its wholly owned subsidiary GLL IHT and are part of the company's S$3 billion multicurrency medium-term note programme.

The notes are guaranteed by GuocoLand, are expected to be issued around June 30 this year, and will mature on September 30, 2030. Each note has a face value of S$250,000 and pays interest twice a year, on March 30 and September 30, with the first payment date on March 30, 2027.

DBS Bank has been appointed as the sole underwriter and bookrunner for the issue.

The net proceeds from the issue will be used as working capital for the group and its subsidiaries.

GuocoLand shares closed at S$2.18 on Monday, down 0.46%.