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ST Engineering aims to issue $1.2 bln notes

Mon Jul 6, 2009 2:08am EDT

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SINGAPORE, July 6 (Reuters) - Singapore Technologies Engineering (STEG.SI) said on Monday it aims to raise $1.2 billion worth of medium term notes in various currencies to fund future investments, including acquisitions and debt refinancing. The engineering conglomerate, 49-percent owned by state investor Temasek Holdings [TEM.UL], did not specify the timeframe for the issuance of the notes or details of the spending in its statement.

Its wholly-owned subsidiary, ST Engineering Financial I Ltd (STEF-1) will be the entity to issue the notes, which will be "unconditionally and irrevocably guaranteed by ST Engineering".

ST Engineering said last month it aimed to increase its order book in 2009 as it hoped to secure projects in China, Europe and Middle East. [ID:nSIN107666] (Reporting by Harry Suhartono; Editing by Anshuman Daga)



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