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iFast prices S$100 million notes due 2029 at 4.328%

by Mark Darwin
in Lifestyle
iFast prices S0 million notes due 2029 at 4.328%
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DIGITAL banking and wealth management platform iFast Corporation : AIY 0% has priced its inaugural issue of S$100 million of fixed-rate notes to be issued under its S$300 million multi-currency debt issuance programme established on May 29.

The Series 001 Notes are expected to be issued on Jun 11, in denominations of S$10,000 and integral multiples of S$5,000 in excess thereof.

Priced at 100 per cent, the notes will bear an annual coupon rate of 4.328 per cent.

Coupon payments will be made semi-annually in arrears on Jun 11 and Dec 11 each year, beginning on Dec 11 this year.

Unless previously redeemed or purchased and cancelled, these Series 001 Notes will mature on Jun 11, 2029.

Net proceeds from the issue of the notes will be used for general corporate purposes, which may include refinancing existing borrowings, financing capital expenditure, investments including capital injections into the group’s UK-based digital bank, iFast Global Bank Limited, and general working capital of the group.

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OCBC has been appointed as the sole dealer for the issue.

Lim Chung Chun, chairman and chief executive officer of iFast Corp, said that the issuance of the notes under the newly established programme “will enable the group to diversify its funding sources and access medium-term funding in addition to equity and bank loans”.

He added that the issuance, which was “well-received by both institutional and accredited investors”, was around 2.5 times over-subscribed.

Shares of iFast closed at S$6.78 on Monday, up S$0.01 or 0.1 per cent.

Tags: DueiFastMillionNotespricesS100
Mark Darwin

Mark Darwin

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