By Mary-Katherine Stinson
Lexington, Ky., May 25 – Mapletree Logistics Trust Management Ltd. as manager of Mapletree Logistics Trust announced pricing of ¥3 billion of 1.535% notes due 2032, series 009, by MapletreeLog Treasury Co. Pte. Ltd., a wholly-owned subsidiary of the company.
The notes priced under the issuer’s S$3 billion euro medium-term securities program.
The notes are guaranteed by HSBC Institutional Trust Services (Singapore) Ltd. in its capacity as trustee of Mapletree Logistics Trust.
DBS Bank Ltd. is the manager for the new issue, which will not be listed.
The series 009 notes contain a condition where a default may occur if the manager is removed as a manager of Mapletree Logistics Trust.
There are also certain conditions in some of the existing loan facilities and notes issued by Mapletree Logistics Trust and/or its subsidiaries requiring the manager to remain as the manager of Mapletree Logistics Trust and/or the manager to remain a subsidiary of Mapletree Investments Pte Ltd, the sponsor of Mapletree Logistics Trust.
If any of the conditions are not met, the available commitment could be canceled and the notes could be subject to a special early redemption.
The total outstanding amount of notes and the existing outstanding debt facilities that may be affected amounts to the equivalent of approximately S$5.584 billion , of which S$4.275 billion is outstanding as of May 25.
Proceeds of the new notes will be used for general corporate purposes, including refinancing existing borrowings of Mapletree Logistics Trust, according to a company release.
The logistics real estate investment trust is based in Singapore and sponsored by Mapletree Investments Pte. Ltd.
| Issuer: | MapletreeLog Treasury Co. Pte. Ltd.
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| Guarantor: | HSBC Institutional Trust Services (Singapore) Ltd.
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| Amount: | ¥3 billion
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| Issue: | Notes (Series 009)
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| Maturity: | 2032
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| Bookrunner: | DBS Bank Ltd.
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| Trustee: | HSBC Institutional Trust Services (Singapore) Ltd.
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| Coupon: | 1.535%
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| Call features: | Special conditional early redemption
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| Announcement date: | May 25
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