Swiber

Swiber is planning to sell senior SGD perpetual bonds with a distribution rate of about 9.75%, the highest in the market. The issue has a callable option after 3 years with a 3 ppt step-up and a reset every 3 years thereafter. The size of the issuance has yet to be decided but Swiber plans to use the proceeds to fund general corporate needs, such as buying existing vessels that are currently being leased and to reduce its high net gearing of 89.4%. ANZ and DBS are handling the deal.