PSA Corp sails through domestic and international debt debuts

With the launch of its first international and domestic bond deals, Singapore''s PSA Corp is taking the first important steps to rebalance its capital structure ahead of privatization later this year.

PSA Corp's debut $500 million international bond issue on Tuesday and S$600 million $347 million domestic bond deal on Friday mark the first debt financings by the AAA-Aa1-rated port operator, as it seeks to restructure its balance sheet and ensure a more even capital mix before its flotation later in the fourth quarter. Following what  the market is expecting to be a series of rapid-fire issues off the group's $2 billion medium-term note MTN programme, gearing should be built up from zero to 30% and shareholders' equity substantially reduced as deal proceeds are given back to the government in the form of a special dividend.

Says chief...

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