By Marisa Wong
Morgantown, W.Va., Sept. 20 – Lippo Malls Indonesia Retail Trust priced S$140 million of 7% subordinated perpetual securities, according to a company announcement.
The securities will be issued by HSBC Institutional Trust Services (Singapore) Ltd., the trustee of Lippo Malls, under the company’s S$1 billion euro medium-term securities program.
BNP Paribas, CIMB Bank Bhd. and Oversea-Chinese Banking Corp. are the joint lead managers for the new notes.
The distribution rate will be reset every five years, beginning on Sept. 27, 2021. The reset distribution rate will be the five-year Singapore dollar swap offer rate plus an initial spread of 524.5 basis points.
The securities will be callable on the first reset date and any distribution payment date after that.
Lippo Malls Indonesia is a Singapore-based real estate investment trust.
Issuer: | HSBC Institutional Trust Services (Singapore) Ltd.
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Issue: | Subordinated perpetual securities
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Amount: | S$140 million
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Maturity: | Perpetual
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Coupon: | 7%; reset every five years beginning Sept. 27, 2021 at five-year Singapore dollar swap offer rate plus initial spread of 524.5 bps
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Managers: | BNP Paribas, Oversea-Chinese Banking Corp. and Standard Chartered Bank
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Call option: | On the first reset date and any distribution payment date afterward
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Announcement date: | Sept. 20
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