The perpetuals will be a benchmark issue, which means the amount raised would be in the region of S$350 million.
DBS Group is global coordinator for the issue and joint bookrunners with HSBC, Oversea-Chinese Banking Corp and Standard Chartered, said IFR, a unit of Thomson Reuters.
Perpetuals, as the name implies, have no maturity date. Sales of these securities in Singapore so far this year have already surpassed the combined total for the past 15 years as firms in the city-state lock in long-term funding at low interest rates, IFR said in a report earlier this week.
According to IFR, NOL is raising money for possible acquisitions of logistics businesses to complement its container shipping operations.