Surbana Jurong subscribes to $500m of Changi Airports' bonds

The bonds bear interest at the rate of 5% per annum.

Surbana Jurong subscribed to $500m of Changi Airports International’s fixed rate bonds due 2029. It also subscribed to 300 million detachable warrants.

The bonds which may be issued in one or more tranche(s), bear interest at the rate of 5% per annum and mature on the tenth anniversary of the date of issue of the first tranche of the bonds.

The warrants will be issued subject to and with the benefit of a deed poll dated 27 March 2019 and executed by the Changi Airports, and are exercisable into shares in the capital of certain subsidiaries of the issuer.

“The subscription of the bonds and warrants will enable Surbana Jurong to potentially gain exposure to Changi Airports’ portfolio of international airport assets. This is part of Surbana Jurong’s goal to provide multi-disciplinary design and engineering services for infrastructure projects such as airports,” the company said.

This subscription will be funded by Surbana Jurong’s internal resources and shareholder’s equity.