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 275bp to 400bp range over Treasuries. About four to five investors were said to have participated in the transaction, which has an implied rating just above the investment grade threshold.

Accounts were said to...

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