SINGAPORE, Jan 17 (Reuters) - SATS Ltd, a Singapore-based ground handling and catering provider, on Wednesday launched and priced $500 million in bonds to refinance existing debt and lower its borrowing costs.

The bonds, due Jan. 23, 2029, were priced at 4.828% and converted into Euros via a cross currency swap to achieve a fixed rate of 3.498% annually to match the currency of existing bridge loans to hedge its foreign currency exposure, SATS said in a statement.

The bonds was 3.6 times oversubscribed by "high quality global investors", Manfred Seah, SATS' chief financial officer, said in the statement.

The refinancing exercise will result in interest savings of S$8.8 million ($6.56 million) annually, SATS said, adding that proceeds will refinance part of its existing 1 billion euro ($1.09 billion) bridge loans maturing in May 2024.

The bonds, which have been assigned a senior unsecured rating of "A3" by Moody's Investors Service, was the first issuance of SATS' $3 billion multicurrency debt issuance programme established on Nov. 17.

BNP Paribas, DBS, MUFG, OCBC and HSBC are the joint lead managers and joint bookrunners for the bonds, according to the statement.

($1 = 1.3423 Singapore dollars)

($1 = 0.9196 euros) (Reporting by Yantoultra Ngui; Editing by Christian Schmollinger)