The Directors of Banyan Tree Holdings Limited (the "Company") are pleased to announce that the Company has successfully completed its additional SGD notes offering which was launched at S$50 million but closed higher at S$60 million on the back of strong investor demand for the notes. This brings its total notes issued to S$160 million to-date under the S$400,000,000 Multicurrency Medium Term Note Programme established by the Company on 18 October 2007.
The Hongkong and Shanghai Banking Corporation Limited, arranger and dealer of the notes issue had on behalf of the Company made the notes offering comprising S$60 million fixed rate notes due 2011 (the "Series 003 Notes"). The Series 003 Notes will mature on 1 August 2011 and bear an interest rate of 5.50 per cent. per annum payable semi-annually.
The Company intends to use the net proceeds from the notes offering to finance the general working capital, capital expenditure and investment requirements and refinance the existing borrowings of the Company and its subsidiaries.
Approval in-principle has been obtained from the Singapore Exchange Securities Trading Limited ("SGX-ST") for the listing and quotation of the Series 003 Notes on the Official List of the SGX-ST. Such approval will be granted when the Series 003 Notes have been admitted to the Official List of the SGX-ST. The SGX-ST assumes no responsibility for the correctness of any of the statements made or opinions expressed or reports contained herein. Admission to the Official List of the SGX-ST and quotation of any Series 003 Notes on the SGX-ST is not to be taken as an indication of the merits of the Company and its subsidiaries or such Series 003 Notes.
By Order of the Board