9 March 2021

Ciputra Development Issues S$150 Million MTN



PT Ciputra Development Tbk (“the Company”) completed the issuance of S$150 million 6% Medium Term Notes (MTN) due in 2026 in the Singapore Exchange (SGX). The issuance was carried out in three tranches, S$100 million on 2 February 2021, S$25 million on 11 February 2021, and S$25 million on 5 March 2021. Fitch Ratings assigned the MTN a rating of ‘B+’ with a Recovery Rating of ‘RR4’. Moreover, Fitch Ratings assigned the Company’s Long-Term Issuer Default Rating (IDR) at ‘B+’ with a Stable Outlook. DBS Bank Ltd. and Mandiri Securities Pte. Ltd. are the joint bookrunners of the MTN.

In addition, on 4 March 2021, the Company completed the consent solicitation process for the S$150 million MTN which was issued on 20 September 2017 and will mature on 23 September 2021 (MTN 2017), with the main agenda of approving the tender offer. This will be followed by the exercising of the call option for the remaining MTN 2017 which is planned to be executed on 19 March 2021.

The MTN was issued under multicurrency medium term notes programme signed by the Company and DBS Bank. Under this programme, the Company may issue up to S$400 million MTN.

The proceeds of the MTN will be used to repay or refinance borrowings, including the MTN 2017, as well as for working capital and general corporate purposes.

For more information, please visit the Company’s information disclosure on the following links:

Report on Material Information or Facts – MTN 2021 Issuance

Report on Material Information or Facts – MTN 2021 Issuance Tranche 2

Report on Material Information or Facts – MTN 2021 Issuance Tranche 3, Completion of Consent Solicitation of MTN 2017, and Completion of the Tender Offer of MTN 2017

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