UOL Group prices S$400M fixed-rate notes due 2028

UOL building and Orchard Gateway at Orchard RoadUOL building and Orchard Gateway at Orchard Road. Image taken pre-Covid.

UOL Group has priced S$400 million fixed-rate notes due 2028 at 2.33 percent, with the net proceeds of the seven-year notes to be used to refinance existing borrowings, the property developer said in a filing to SGX Tuesday.

The issuance confirms an article by Shenton Wire earlier Tuesday.

The notes will be issued by wholly owned subsidiary UOL Treasury Services as the fourth series under its S$2 billion multi-currency medium-term note program, the filing said.

The joint lead managers and bookrunners of the notes are DBS Bank and UOB, the filing said.

UOL Group is a property company with around S$20 billion in total assets across development and investment properties, hotels and serviced suites in Asia, Oceania, Europe and North America.

Its hotel subsidiary, Pan Pacific Hotels Group, operates under three brands: Pan Pacific, ParkRoyal Collection and ParkRoyal.