Clifford Capital Pte. Ltd. (“Clifford Capital”), a specialist provider of project and structured finance solutions in support of Singapore-based companies in the infrastructure and maritime sectors, priced its US$300 million 3-year public bond offering on 8 November 2018. The issue is the second public bond offering by the company in 2018.
Priced at par, the 3-year US$300 million bond offers a coupon of 3.423% p.a. with a November 15, 2021 maturity. This corresponds to a spread of 40 basis points over the 2.875% US Treasury due October 2021. The bond is unconditionally and irrevocably guaranteed by the Government of Singapore and is expected to be assigned the highest issue rating of AAA by Standard & Poor’s. Citibank, HSBC and UBS were the Joint Lead Managers for the transaction.
Following this transaction, Clifford Capital has total outstanding issuance of US$1.19 billion under the US$1.35 billion Euro Medium Term Note (“EMTN”) programme from both public issues and private placements.
Mr. Clive Kerner, Chief Executive Officer of Clifford Capital, said: “The 3-year bond offering establishes a new public pricing point for Clifford Capital. We are delighted with the quality order book and strong investor interest, particularly from bank treasuries and asset managers. We would like to thank our banks and our investors for their continuing support of Clifford Capital. The proceeds will be used to fund the ongoing growth of the Company.”
For more details, please refer to the press release.