By William Gullotti
Buffalo, N.Y., Sept. 9 – Frasers Property Ltd., via its wholly owned subsidiary Frasers Property Treasury Pte. Ltd., priced S$420 million of 4.49% green notes due 2027, according to multiple notices with appended documentation on Friday.
The Regulation S notes are being issued under the subsidiary’s S$5 billion multicurrency debt issuance program and guaranteed by the parent company.
As previously reported, the issuer may upsize the total up to S$650 million if the offering is oversubscribed.
The offering is subject to an allocation condition that prevents the issue of notes if less than 20% of the notes are issued to institutional investors and relevant persons, excluding any amount issued to the joint lead managers and bookrunners for their own account. The allocation condition must also be fulfilled to upsize the offering.
The notes feature a make-whole call at the greater of par and the sum of the present value of the remaining payments of principal and interest at SORA OIS plus 30 basis points. The issuer may also redeem the notes early for taxation reasons at par. In both cases, accrued and unpaid interest will also be paid.
DBS Bank Ltd., Oversea-Chinese Banking Corp., Ltd. and United Overseas Bank Ltd. are the joint lead managers and joint bookrunners for the offering.
Applications for the public offering will be accepted until 9 p.m. ET on Sept. 14.
Proceeds will be used to finance or refinance, in whole or in part, eligible projects as described in the company’s green finance framework.
The listing for the notes is expected on the Singapore Exchange effective Sept. 19.
Frasers is a multinational real estate and property management company with headquarters in Singapore.
| Issuer: | Frasers Property Treasury Pte. Ltd.
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| Guarantor: | Frasers Property Ltd.
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| Amount: | S$420 million; if oversubscribed, may upsize to S$650 million; subject to 20% allocation condition for initial issue and upsize
|
| Issue: | Green notes
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| Maturity: | Sept. 16, 2027
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| Bookrunners: | DBS Bank Ltd., Oversea-Chinese Banking Corp., Ltd. and United Overseas Bank Ltd.
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| Trustee: | Perpetual (Asia) Ltd.
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| Counsel to issuer: | Baker & McKenzie. Wong & Leow (England), WongPartnership LLP (Singapore)
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| Counsel to underwriters: | Linklaters Singapore Pte. Ltd. (England), King & Wood Mallesons (Australia)
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| Coupon: | 4.49%
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| Price: | Par
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| Yield: | 4.49%
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| Call options: | Make-whole at the greater of par and the sum of the present value of the remaining payments of principal and interest at SORA OIS plus 30 bps; for taxation reasons at par plus interest
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| Pricing date: | Sept. 8
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| Issue date: | Sept. 16
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| Listing date: | Sept. 19
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| Distribution: | Regulation S
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