iFast issues S$120 million worth of 2.75% fixed-rate notes

[SINGAPORE] iFast on Tuesday (Mar 3) issued S$120 million worth of fixed-rate notes due in 2031, pursuant to its S$300 million multicurrency debt issuance programme.

The Singapore Exchange Securities Trading has given in-principle approval for the listing and quotation of the notes, which are expected to be listed on Wednesday.

OCBC served as the sole dealer for the notes, which were priced and launched on Feb 24, and bear interest at a fixed rate of 2.75 per cent per annum.

They mature on Mar 3, 2031, and are payable semi-annually in arrears on Mar 3 and Sep 3 each year, starting from Sep 3, 2026.

The notes were issued at an issue price of 100 per cent of their principal amount, in denominations of S$5,000 and integral multiples of S$5,000 in excess thereof.

Net proceeds from the issuance will be used for general corporate purposes, said iFast. These could include refinancing existing borrowings and financing capital expenditure, the general working capital of the company, as well as investments including capital injections into the company’s UK-based digital bank, iFast Global Bank.