By Marisa Wong
Morgantown, W.Va., Aug. 16 – Wing Tai Properties Ltd. said its wholly owned subsidiary, Wing Tai Properties (Finance) Ltd., priced S$160 million of senior guaranteed perpetual capital securities at par. The notes are guaranteed by Wing Tai Properties.
The distribution rate is 4.35% initially and will reset on Aug. 24, 2027.
DBS Bank Ltd. is the lead manager and bookrunner for the Regulation S offering.
The notes will be issued under the company’s $1 billion medium-term note program established in November 2012.
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 Aug. 24.
Wing Tai Properties is a Hong Kong-based property developer.
| Issuer: | Wing Tai Properties (Finance) Ltd.
|
| Guarantor: | Wing Tai Properties Ltd.
|
| Issue: | Senior guaranteed perpetual capital securities
|
| Amount: | S$160 million
|
| Maturity: | Perpetual
|
| Bookrunner: | DBS Bank Ltd.
|
| Coupon: | 4.35% initially, resets on Aug. 24, 2027
|
| Price: | Par
|
| Announcement date: | Aug. 15
|
| Settlement date: | Aug. 24
|
| Distribution: | Regulation S
|
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