KUALA LUMPUR (April 20): Genting Malaysia Bhd (GenM) has confirmed the debt listing of its direct wholly-owned subsidiary, GENM Capital Labuan Ltd, on the Singapore Exchange (SGX).

It has priced its offering of the US$1 billion (about RM4.12 billion) aggregate principal amount of 3.882% senior unsecured notes due 2031.

In a filing with the SGX, GenM confirmed the listing yesterday.

Both Standard & Poor's Ratings Services and Fitch Ratings have assigned a "BBB" rating to the notes.

In an earlier filing with Bursa Malaysia last week, the company announced that net proceeds from this offering will be used by the company and/or its subsidiaries to refinance existing borrowings, and for capital (including investment) and working capital requirements. GenM said then the notes will be fully and unconditionally guaranteed by the group.

The notes are listed but not quoted for trading on Bursa under the exempt regime.

Citigroup Global Markets Singapore Pte Ltd, JP Morgan (SEA) Ltd, CIMB Bank Bhd, Labuan Offshore Branch, and DBS Bank Ltd are the joint global coordinators. The notes' joint bookrunners and joint lead managers are Citigroup, JP Morgan, CIMB, Labuan Offshore Branch, DBS and BNP Paribas.

GenM said the notes had been sold in the US only to qualified institutional buyers in reliance on the exemption from the registration requirements under the US Securities Act, and to certain non-US persons in offshore transactions outside the US.

At 10.15am today, GenM was 2.47% or seven sen higher at RM2.91, valuing it at RM17.28 billion.

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GenM prices US$1b senior unsecured notes