Keppel Infrastructure Trust pricing five-year Singapore dollar senior notes: Client note

Singapore one-dollar bill, showing satellite dishSingapore one-dollar bill, showing satellite dish

Keppel Infrastructure Trust is pricing five-year Singapore-dollar-denominated senior unsecured fixed-rate notes with an initial pricing guidance of the 3.125 percent area, according to a client note seen by Shenton Wire.

The final landing area appears to be in the 2.75 percent to 3.0 percent area, at a 100.25 price, with a minimum investment size of S$250,000, the client note said.

The client note describes the offering as a benchmark size, which suggests at least S$250 million.

The net proceeds are earmarked for refinancing borrowings, financing general working capital expenditure and/or financing or refinancing acquisitions and/or asset enhancement initiatives (AEI), the client note said.

The settlement date is expected to be 1 December, with a maturity date of 1 December 2026, the client note said.

The notes are being issued under the trust’s S$2 billion multi-currency debt issuance program, the client note said.

The notes will be issued by Keppel Infrastructure Fund Management as the trustee-manager of Keppel Infrastructure Trust, the note said.

The client note said the joint lead managers and bookrunners are HSBC, OCBC Bank and UOB.