Singaporean conglomerate Keppel Corp said its Keppel Land has priced S$150 million worth of 2.843 percent notes due 2023.
United Overseas Bank Limited has been appointed as the sole lead manager for the issue of the notes, it said in a statement on Tuesday.
The notes will be issued at an issue price of 100 percent of the principal amount and in denominations of S$250,000.
The notes will bear interest at a fixed rate of 2.843 percent per annum, payable semiannually in arrear, it said.
Keppel Corp said the net proceeds arising from the issue of the notes will be used to refinance existing debts, finance potential acquisition opportunities and for working capital purposes.
The notes are expected to be issued on September 5, 2017 and will mature on on September 5, 2023.
Singapore-listed Keppel Corp is a multi-business company with exposure to sectors such as offshore and marine, infrastructure, property investment and development, telecommunications and transportation.
Its unit Keppel Land is a property developer, building integrated townships and investment-grade commercial properties.
Shares in Keppel Corp were down 0.6 percent at S$6.35 on the Singapore Exchange. The stock has gained 10 percent so far this year.