Singapore's Pacific Universal raises $325M in debut bond sale
What's the deal? Pacific Universal Investments (PUI)Dealroom has a profile for this one. Try Dealroom →, a Singapore-based investment firm, has closed its debut offering of $325 million in 7.45% senior secured notes due 2031. Law firm Latham & WatkinsDealroom has a profile for this one. Try Dealroom → advised PUI on the issuance.
What's behind it? PUI owns a 51% interest in MAPIDealroom has a profile for this one. Try Dealroom →, which it describes as the largest lifestyle retailer in Indonesia. MAPI operates more than 3,700 stores across 88 cities, spanning sports, fashion, beauty, technology, kids, department stores, and food and beverage.
By the numbers: The raise ranks among the largest of its kind, sitting in the 98th percentile of debt rounds for Singapore marketing companies in a sample of 117 deals.
Who ran it? The Latham team was led by Singapore partners Timothy Hia and Rajiv Gupta, with counsel Jeremy Wang, associate Rami Marginean, and foreign legal consultant Jeffrey Zheng.
The signal: A debut bond sale of this size, carrying a 7.45% coupon, points to investor appetite for exposure to Indonesia's consumer retail market through a Singapore-based holding structure.
Read more: legaldesire.com
Image credit: degas.degas
