iFast sets up S$300 million multi-currency debt issuance programme

IFAST Corporation : AIY 0% has established a S$300 million multi-currency debt issuance programme to issue notes or perpetual securities.

Net proceeds raised will be used for general corporate purposes such as refinancing certain borrowings, financing capital expenditure, investments and general working capital of the group, the financial services company said on Wednesday (May 29).

Notes issued under the programme may bear interest at fixed, floating, variable, hybrid or other rates. They may also not bear any interest.

Meanwhile, perpetuals issued under the programme may grant securityholders the right to receive distributions at fixed or floating rates, or potentially have distributions deferred at the option of the company.

The debt issuance programme has received in-principle approval from the Singapore Exchange. OCBC is the sole arranger and dealer of the facility. 

Shares of iFast ended S$0.04 or 0.6 per cent down at S$6.86, before the news.