Clifford Capital Pte. Ltd. (“Clifford Capital”), a specialist provider of project and structured finance solutions in support of Singapore-based companies in the infrastructure and maritime sectors, priced its US$300 million 10-year public bond offering yesterday. 

The 10-year US$300 million bond offers a coupon of 3.38% p.a. with a March 7, 2028 maturity and has an issue price of 100%. This equates to a spread of 49 basis points over the 2.75% US Treasury due February 2028. This issuance is underpinned by an unconditional and irrevocable guarantee from the Government of Singapore and is expected to be assigned the highest issue rating of AAA by Standard & Poor’s. Citibank, DBS, HSBC and Standard Chartered Bank acted as the Joint Lead Managers for the transaction. 

Following this transaction, Clifford Capital has now raised a total of US$1.19 billion since the establishment of its US$1.35 billion Euro Medium Term Note (“EMTN”) programme from both public issuances and private placements. 

Mr. Clive Kerner, Chief Executive Officer of Clifford Capital, said: “This new issue marks the return of Clifford Capital to the public markets with a benchmark bond offering for investors looking for long tenor investment opportunities. We are very pleased with the overwhelming support from a high quality global investor base. We would like to thank our banks as well as our investors for their continuing support of Clifford Capital. The proceeds will be used to fund the ongoing growth of the Company.” 

Transaction Summary 

Issuer  Clifford Capital Pte. Ltd.
Guarantor  The Government of Singapore (Aaa / AAA / AAA) (Moody’s/S&P/Fitch)
Issue Rating  AAA (S&P)
Status  Senior Unsecured
Format  Reg S Registered, off US$1.35bn EMTN Programme
Tenor : 10 years
Issue Size  US$ 300 million
Settlement Date  7 March 2018
Maturity Date  7 March 2028
Issue Price  100.00%
Coupon  3.38%
Listing  SGX Listing
Governing Law  Notes are governed by English law, Guarantee is governed by Singapore law
Lead Manager  Citibank, DBS Bank Ltd., HSBC, Standard Chartered Bank
ISIN  XS1787595666

For media enquiries, please contact:

Ms Catherine Lee
Chief Financial Officer
DID: +65-62292933

Clifford Capital acted as Bookrunning Mandated Lead Arranger on a US$1.45 billion Senior Secured Term Loan Facility to finance the Cidade de Marica floating production storage and offloading vessel ("FPSO") that will be deployed under a 20 year charter agreement with Petróleo Brasileiro S.A (“Petrobras”) in Brazil. 

Clifford Capital provided a meaningful commitment based on the value of the supply contracts from a number of Singapore-based companies including Dyna-Mac Holdings Ltd which had supplied the topside modules for the FPSO. 

SBM Offshore is an industry leading provider of floating production solutions to the offshore energy industry, with its main focus on the design, supply, installation, operation and the life extension of FPSO vessels. The FPSO is owned by a consortium that includes SBM Offshore, Mitsubishi, Nippon Yusen Kaisha and QGOG Constellation. 

For media enquiries or interview requests, please contact:

Clifford Capital Pte. Ltd.

Audra Low
Head of Origination & Structuring
+65 3157 8930

Tulchan Communications LLP
Adwin Low
+65 6222 3765 / +65 9026 3001