The notes carry a coupon of 5.35% and will mature on 1 October 2018.

ASL said net proceeds will be used to finance the company’s working capital and refinance existing borrowings.

Earlier this week, ASL paid SGD 2.4m of interest in respect of fixed rate notes worth SGD100m issued under the same multicurrency project.

Oversea-Chinese Banking Corporation acts as the sole lead manager and bookrunner for the notes issuance.