Mapletree Logistics skips first call date for S$180 million perpetuals

By William Gullotti

Buffalo, N.Y., March 7 – Mapletree Logistics Trust Management Ltd., as manager of Mapletree Logistics Trust, announced that trustee HSBC Institutional Trust Services (Singapore) Ltd. will not redeem its S$180 million of 3.65% fixed-rate perpetual securities (ISIN: SG7HE5000005) on the first reset date.

The manager indicated that it would not exercise its first available redemption option on March 28, citing current macroeconomic conditions and interest rate environment, to provide “ample debt headroom” and to take advantage of investment opportunities as they arise.

The redemption option will be available to Mapletree, exercisable in whole, on any future semiannual distribution payment date.

The distribution rate will subsequently reset on March 28 to Sdsor plus 181.5 basis points, with subsequent resets occurring every five years after that.

The perpetuals were issued Sept. 28, 2017.

Mapletree Logistics is a Singapore-based logistics real estate investment trust.

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