SembCorp Industries awards mandate for first tranche of notes under its Medium Term Note Programm

Singapore, Oct 23, 2000

SembCorp Industries wishes to announce that it will issue $250 million five-year fixed rate notes under its recently established $500 million Medium Term Note Programme. The Notes will bear a fixed rate coupon of 4.45 per cent. per annum, payable semi-annually in arrears. This issue is the maiden issue by SembCorp Industries.

The mandate was awarded to Overseas Union Bank, as Lead Manager and Citicorp Investment Bank (Singapore), as Manager. A total of five committed bid proposals had been received from seven Dealers. OUB and Citicorp won the mandate with the best all-in pricing and distribution strategy.

The Lead Manager had priced the Notes at a level reflective of an implied long term credit rating of between A+ and AA. The Notes to be issued will be listed on The Singapore Exchange Securities Trading.

SembCorp Industries has also appointed seven additional Programme Dealers, namely DBS Bank, Deutsche Bank, HSBC, OCBC Bank, Standard Chartered Bank, Credit Agricole Indosuez and UOB Asia. This brings the total number of Programme Dealers to nine, including Citicorp and OUB, who are the initial Programme Dealers as well as the Arrangers of the MTN Programme.

By Order of the Board
Linda Hoon Siew Kin
Group Company Secretary
October 23, 2000

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