Singapore Technologies Engineering (ST Engineering)’s subsidiary, ST Engineering North America, has updated its US Commercial Paper Program to include STE TransCore Holdings as an additional issuer under the programme.
STE TransCore Holdings is a wholly-owned subsidiary of ST Engineering. The group’s acquisition of TransCore was completed in March.
Under the programme, ST Engineering North America and STE TransCore Holdings may issue short-term unsecured promissory notes for a range of tenors of up to 397 days from time to time. The notes will be guaranteed by ST Engineering.
The proceeds from the notes under the programme will continue to be used for general working purposes.
The notes will be offered and sold exclusively to eligible investors in reliance on available exemptions under the United States Securities Act of 1933, as amended. The notes will not be listed on any stock exchange or securities market.
The commercial paper programme was established on Aug 26, 2019 and updated previously on Dec 22, 2021.
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As at 10.19am, shares in ST Engineering are trading 1 cent higher or 0.26% up at $3.83.
