Hyflux to release SGD perpetual capital securities today

Book-building will begin shortly.

Hyflux Ltd has unveiled its plans of launching a proposed offer and issuance of Singapore Dollar denominated perpetual capital securities today.

According to the company, the total amount of perpetual capital securities will be issued at 100% of the principal amount. These are subject to a book-building exercise, which will begin shortly.

“The proceeds from the Proposed Issue (after deducting for expenses relating to the offer and issuance of the perpetual capital securities) are intended to be used for the investments of the Company, its subsidiaries, associated companies and joint ventures, for general working capital, and for general corporate purposes (which may include the repayment of existing borrowings),” noted Hyflux.

Here’s more from Hyflux:
The perpetual capital securities will be offered pursuant to exemptions invoked under Sections 274 and 275 of the Securities and Futures Act, Singapore, Cap. 289 (“SFA”), as well as Regulation S of the United States Securities Act of 1933. Credit Suisse (Singapore) Limited is appointed as the sole lead manager and bookrunner in connection with the Proposed Issue.

In connection with the Proposed Issue and as the perpetual capital securities, when issued, are intended to be listed on the Singapore Exchange Securities Trading Limited (“SGX-ST”), the Company has submitted a listing application to the SGX-ST.