Hotel Properties Limited (HPL) has issued $220 million in aggregate principal amount of 4.40% notes due 2030 June 10, 2025, under its $1 billion multi-currency debt issuance programme.

The notes were offered in Singapore to institutional investors and accredited inventors. It bears a fixed interest rate of 4.40% per annum payable semi-annually in arrear on June 10 and December 10 in each year.

The net proceeds from the issue of the notes, after deducting issue expenses, will be used for the purpose of refinancing existing borrowings and financing working capital requirements of HPL and its subsidiaries.

DBS Bank, Oversea-Chinese Banking Corporation (OCBC) and United Overseas Bank(UOB) were the joint lead managers for the notes.

On June 10, founder of HPL Ong Beng Seng is reported to be set to plead guilty in court on July 3 for two charges relating to former transport minister S Iswaran.

Ong is accused of abetting Iswaran in obtaining an all-expenses-paid trip to Doha worth about $20,850 in December 2022, and for the alleged abetted obstruction of justice by intentionally aiding Iswaran in May 2023, when the Corrupt Practices Investigation Bureau had begun its probe, by paying $5,700 to Singapore GP for a business class flight ticket from Doha to Singapore.

Shares in Hotel Propertiesclosed 3 cents lower or 0.670% down at $4.45 on June 10.