Eager investors snap up KrisEnergy’s $200million notes

Its order book now stands at $1.6billion.

Mainboard-listed firm KrisEnergy today revealed that its $200million notes due 2018 have been successfully priced and eagerly snapped up by investors. The notes are eight times subscribed with an order book pegged at $1.6billion.

The 2018 notes have a fixed rate of 5.75% and are released under the S$500 million Multicurrency Medium Term Notes Programme established on 26 May 2014.

According to Kiran Raj, KrisEnergy’s Chief Financial Officer, “We are delighted with the success of this issue which is yet another capital markets milestone in the strengthening of our balance sheet as we gear up our development activities in the region. The market response has been nothing short of exemplary. Having more than halved our cost of debt over the last eight months, we now have available over US$250 million in unused sources of liquidity and a gearing of approximately 39%, which is around the mid-point of our target range.”