By Marisa Wong
Morgantown, W.Va., June 21 – Wing Tai Holdings Ltd. said it priced S$150 million of 4.08% senior perpetual securities.
DBS Bank Ltd. is the lead manager and bookrunner.
The distribution rate will reset on June 28, 2022 and every five years after that. The reset distribution rate will be the five-year Singapore dollar swap offer rate plus a spread. The initial spread is 237 basis points; beginning with the second reset date, the spread will step up by an additional 100 bps. If a change of control event occurs, the distribution rate will step up by another 100 bps.
The securities are callable in whole on June 28, 2022 and on any distribution payment date after that.
Proceeds will be used to further the company’s business activities, including financing expansion and general working capital.
The securities are expected to be issued on June 28.
Wing Tai Holdings is a Singapore-based property developer and lifestyle company.
| Issuer: | Wing Tai Holdings Ltd.
|
| Issue: | Senior perpetual securities
|
| Amount: | S$150 million
|
| Maturity: | Perpetual
|
| Coupon: | 4.08%; resets on June 28, 2022 and every five years after that; resets at five-year Singapore dollar swap offer rate plus a spread; initial spread is 237 bps, stepping up by 100 bps on second reset date and another 100 bps upon change of control
|
| Bookrunner: | DBS Bank Ltd.
|
| Call option: | In whole on June 28, 2022 and on any distribution payment date after that
|
| Announcement date: | June 21
|
| Settlement date: | June 28
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
