By Angela McDaniels
Tacoma, Wash., March 8 - Mapletree Logistics Trust priced S$350 million of 5 3/8% perpetual securities, according to a news release from manager Mapletree Logistics Trust Management Ltd.
The securities (provisional Baa3//) are being issued through HSBC Institutional Trust Services (Singapore) Ltd. in its capacity as the trustee of Mapletree Logistics.
Distributions are payable semiannually on a discretionary basis and are noncumulative. The distribution rate will be reset every five years beginning Sept. 19, 2017.
The securities have a face amount of S$250,00 each.
Beginning Sept. 19, 2027, the securities are callable on any distribution date.
A portion of the proceeds will be used to fund two acquisitions in Malaysia as well as potential acquisitions in Japan and South Korea. The remainder will be used for general corporate purposes.
The offering was more than three times oversubscribed, according to the news release.
Mapletree is a logistics real estate investment trust based in Singapore.
| Issuer: | HSBC Institutional Trust Services (Singapore) Ltd., trustee of Mapletree Logistics Trust
|
| Issue: | Perpetual securities
|
| Amount: | S$350 million
|
| Maturity: | Perpetual
|
| Distribution rate: | 5 3/8%; reset every five years beginning Sept. 19, 2017
|
| Face amount: | S$250,000
|
| Call option: | On any semiannual distribution payment date from Sept. 19, 2017 onward
|
| Pricing date: | March 8
|
| Settlement date: | March 19
|
| Rating: | Moody's: Baa3 (provisional)
|
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