They are expected to be issued on on Jun 23

 

[SINGAPORE] In-flight caterer and ground handler Sats on Wednesday (Jun 18) priced US$100 million in fixed-rate notes due Jun 23, 2030, at 4.648 per cent.

 

The Series 003 notes will be issued by Sats&rsquo US$3 billion multicurrency debt issuance programme established in November 2023 and updated last year.

 

They are expected to be issued on Jun 23, the company said in a bourse filing. The interest rate is fixed at 4.648 per cent each year, payable semi-annually in arrear.  

 

The net proceeds will be used to refinance existing borrowings, Sats said, adding that the issuance will not result in an increase in the group&rsquo s overall debt.

 

MUFG Securities EMEA has been appointed as the sole coordinator in relation to the notes.

The disposal is consistent with its capital recycling and reallocation strategy, the ground handler says

[SINGAPORE] Ground handler Sats is proposing to divest 509,600 ordinary shares or around 49 per cent of paid-up share capital of Servair-Sats, its joint venture with caterer Servair, to the Swiss-headquartered airline catering company Gategroup.

 

Servair is owned by Gategroup, which acquired it from the Franco-Dutch airline Air France-KLM.

 

The consideration for the disposal, arrived at on a willing buyer-willing seller basis after arms&rsquo length negotiations, is around 4.2 million euros (S$6.1 million) and shall be paid fully in cash by Gate Gourmet Switzerland, a subsidiary of Gategroup.

 

Sats said on Thursday (Jun 5) that the move is consistent with its capital recycling and reallocation strategy to optimise its investment portfolio and unlock value for stakeholders.

 

It added that the divestment allows it to monetise its minority stake in Servair-Sats and that raised proceeds from the sale would bolster its balance sheet, allowing it to refocus its resources to repay debt and/or deploy capital to core strategic businesses.

 

The proposed sale is not expected to have any material impact on Sats&rsquo consolidated net tangible assets per share or the consolidated earnings per share for the current fiscal year ending March 2026.