Seazen Group Limited (Stock Code: 1030) has announced that its subsidiary, New Metro Global Limited, intends to issue 11.8% guaranteed senior notes due 2029 with an aggregate principal amount of US$355.00 million. According to the announcement, the notes are guaranteed by Seazen Group Limited and are expected to mature on September 9, 2029.
New Metro Global Limited and Seazen Group Limited signed a purchase agreement on February 26, 2026, with Citigroup Global Markets Limited, Haitong International Securities Company Limited (in alphabetical order), and Dragonstone Capital Management Limited as initial purchasers. The joint global coordinators, joint bookrunners, and joint lead managers are Citigroup Global Markets Limited and Haitong International Securities Company Limited (in alphabetical order), while Dragonstone Capital Management Limited serves as a joint bookrunner and joint lead manager.
The gross proceeds from this issuance are estimated at approximately US$344.70 million. The company plans to allocate the net proceeds from the notes offering to fund a concurrent offer to purchase existing senior notes due May 2026, refinance other existing indebtedness, and support general corporate operations.
The notes are expected to bear interest at 11.8% per annum, payable semi-annually each March 9 and September 9, starting from September 9, 2026. They will be offered in offshore transactions outside the United States under Regulation S. Approval-in-principle for listing and quotation on Singapore Exchange Securities Trading Limited (SGX-ST) has already been obtained, and the notes are anticipated to receive a B– rating from Standard & Poor’s Rating Services.
Completion of the purchase agreement remains subject to various conditions, and the agreement may be terminated if certain events occur. Shareholders and prospective investors are advised in the announcement to exercise caution in any dealings involving the company’s securities.
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