Trafigura Beheer B.V., ("Trafigura"), a market leader in the global commodities industry, has today announced the successful raising of SGD200 million through its first Singapore Dollar Perpetual Subordinated Bond. The Bond, which was priced at 7.5% and listed on the Singapore Stock Exchange, drew strong support from Singapore-based private banks and fund managers.
The new hybrid instrument builds on the Trafigura Group's earlier successful capital market offerings, including its USD500 million Perpetual Subordinated Bond listed in Singapore in April last year and Eurobond issuance, of which a new Eurobond was launched in November 2013 with a value of EUR 500 million in the first instalment of a new programme of European Medium-Term Notes (EMTN) programme.
Pierre Lorinet, CFO and Managing Director, Asia Pacific for Trafigura, said: "We're delighted to be one of the first foreign issuers and the first international trading firm to successfully issue a Singapore Dollar denominated perpetual subordinated bond which will further diversify our financing and strengthen our balance sheet due to the equity treatment of this instrument under IFRS."
Funds raised will support the Group's capital investment in industrial assets. Joint global coordinators and active book-runners on the transaction were Credit Suisse and DBS Bank Ltd, joint book-runners were OCBC and Standard Chartered Bank and co-manager was UOB.
Founded in 1993, the Trafigura Group has become one of the world's leading independent commodity traders, specialising in the oil, minerals and metals markets. Primary trading activities are the supply and transport of oil and petroleum products and non-ferrous and bulk commodities. The trading business is supported by industrial and financial assets including global oil products distribution company Puma Energy; joint venture company DT Group; global terminals operator Impala; Trafigura's Mining Group and Galena Asset Management. The Trafigura Group is owned by over 700 of its almost 9,000 employees who work in 58 countries. The Group has been connecting its customers to the global economy for more than two decades, growing prosperity by advancing trade.