By Marisa Wong
Morgantown, W.Va., June 12 – Lippo Malls Indonesia Retail Trust priced S$120 million of 6.6% 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.
CIMB Bank Bhd. and JPMorgan (SEA) Ltd. are the joint bookrunners for the new notes.
The distribution rate will be reset every five years, beginning on Dec. 19, 2022. The reset distribution rate will be the five-year Singapore dollar swap offer rate plus an initial spread of 475.5 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.
|
| Issue: | Subordinated perpetual securities
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| Amount: | S$120 million
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| Maturity: | Perpetual
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| Bookrunners: | CIMB Bank Bhd. and JPMorgan (SEA) Ltd.
|
| Coupon: | 6.6%; reset every five years beginning Dec. 19, 2022 at five-year Singapore dollar swap offer rate plus initial spread of 475.5 bps
|
| Call option: | On the first reset date and any distribution payment date afterward
|
| Announcement date: | June 12
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