E-Malt.com News article: Singapore: Asia Pacific Breweries issues first series of S$100 million notes

Asia Pacific Breweries Limited (APB) announced on October, 1 that it has issued a first series of Notes (Series 1 Notes) of S$100 million.

Bearing a fixed interest rate of 3.55% per annum payable semi-annually in arrear, the Series 1 Notes are issued under the Group's S$1 billion Multicurrency Medium Term Note (MTN) Programme (the "Programme") established on 9 April 2009.

Issued in bearer form and in the denomination of S$250,000 each, the five-year Series 1 Notes are expected to mature on 1 October 2014.

The net proceeds from the issue of the Series 1 Notes will be used for refinancing existing short term indebtedness and to provide working capital for APB and its subsidiaries, the company said.

Strong interest from investors resulted in the order book being more than 2 times oversubscribed within 2 days from the initial launch size of S$50 million.

Mr Roland Pirmez, Chief Executive Officer, APB said, "This issuance of Notes marks APB's debut access to the bond market which we are now tapping on to further diversify our funding sources for working capital requirements of the group. In view of the improved credit conditions locally and around the world in recent months; as well as the keen interest from investors for APB bonds, it is timely for the first issue from the newly set up S$1 billion MTN programme. We are very pleased with the response from the market as it signifies confidence in the company and recognition of APB's sound fundamentals."

APB is currently supported by 35 breweries in 12 countries including Singapore, Cambodia, China, India, Laos, Malaysia, Mongolia, New Zealand, Papua New Guinea, Sri Lanka, Thailand, and Vietnam. For sustainable growth, the Group will continue to leverage its diversified footprint in the Asia Pacific region where APB will seek to further drive organic growth and intensify its participation for further penetration.


07 October, 2009