By William Gullotti
Buffalo, N.Y., Oct. 26 – Mapletree Logistics Trust Management Ltd. priced S$400 million of 3.725% subordinated perpetual securities (//BBB-) at par, according to announcement Tuesday.
HSBC Institutional Trust Services (Singapore) Ltd. is issuing the securities in its capacity as trustee of MLT.
The issue is a drawdown of the company’s S$3 billion euro medium-term securities program.
The initial distribution rate is fixed until Nov. 2, 2026, at which point it will become resettable at SORA plus 248.5 basis points.
The securities are redeemable starting Nov. 2, 2026 and on any semiannual distribution date thereafter.
DBS Bank Ltd. and Oversea-Chinese Banking Corp., Ltd. are the joint lead managers and joint bookrunners for the offering.
Proceeds will be used for general corporate and working capital purposes, including refinancing the issuer’s 4.18% subordinated perpetual securities and to fund committed acquisitions.
Listing for the securities is expected on the Singapore Exchange effective Nov. 3.
Mapletree Logistics is a Singapore-based logistics real estate investment trust.
| Issuer: | Mapletree Logistics Trust Management Ltd.
|
| Issue: | Subordinated perpetual securities (Series 004)
|
| Amount: | S$400 million
|
| Maturity: | Perpetual
|
| Bookrunners: | DBS Bank Ltd. and Oversea-Chinese Banking Corp., Ltd.
|
| Trustee: | HSBC Institutional Trust Services (Singapore) Ltd.
|
| Coupon: | 3.725% initially, resets Nov. 2, 2026 and then semiannually at SORA plus 248.5 bps
|
| Price: | Par
|
| Call option: | Starting Nov. 2, 2026 and on any semiannual distribution date
|
| Announcement date: | Oct. 26
|
| Issue date: | Nov. 2
|
| Listing date: | Nov. 3
|
| Rating: | Fitch: BBB-
|
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