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Otto Marine raises S$100m from notes issue

Singapore: Otto Marine has raised S$100m through a medium term notes issue. The Singapore-listed offshore marine company raised $100m through three-year unsecured notes at a fixed rate of 4.845%. The notes are part of a S$500m medium term note programme set up in April. Standard Chartered Bank acted as sole lead manager and bookrunner of the notes and sole arranger of the programme "This is our debut in the bond market. It has allowed the group to tap into the current bond market whilst interest rates are still low and attractive," said Lee Kok Wah, president cum ceo of Otto Marine. "The majority of S$100m raised will be used to refinance the bank loans which have a higher interest rate and to finance the capital expenditure of the chartering fleet, which would have required bank loans." [07/05/10]

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