Rare international bond by Singaporean company

Singapore-owned and based International SOS has re-financed its bank borrowings through a private placement targeted at US investors.

Completed at the end of last week, the $78 million transaction was led by JP Morgan, with a four tranche structure. This comprised one $28 million tranche of three year paper a $7.5 million tranche of four year paper a $20 million tranche of five year paper and a $23 million tranche of 10 year paper.

Priced at par, the four tranches carry coupon levels ranging from roughly 8.5% to just over 9.5%, equating to launch spreads in the...

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