PSA Corp's debut $500 million international bond issue on Tuesday and S$600 million $347 million domestic bond deal on Friday mark the first debt financings by the AAA-Aa1-rated port operator, as it seeks to restructure its balance sheet and ensure a more even capital mix before its flotation later in the fourth quarter. Following what the market is expecting to be a series of rapid-fire issues off the group's $2 billion medium-term note MTN programme, gearing should be built up from zero to 30% and shareholders' equity substantially reduced as deal proceeds are given back to the government in the form of a special dividend.
Says chief...
