By Marisa Wong
Morgantown, W.Va., April 21 – Perennial Real Estate Holdings Ltd. launched an offer of up to S$200 million of 4.55% four-year bonds on Wednesday. The bonds are being offered to the public and to private bank, institutional and corporate investors under a placement.
Under the placement, which opened and closed on Thursday, the company received subscriptions for S$85 million of the bonds. The company has decided to allocate S$75 million of the bonds to the private investors, according to a press release.
The S$75 million of bonds were issued at par.
The company will allocate the remaining S$125 million to the public offering. The public tranche may be increased to up to S$225 million, for a total issue size, including the placement tranche, of up to S$300 million.
The public offering will remain open until April 27.
The retail bonds are expected to be issued on April 29.
DBS Bank and United Overseas Bank are the joint lead managers and bookrunners. United Overseas Bank is the sole underwriter and will provide an underwriting commitment of up to S$200 million if applications received for the bonds total less than S$200 million.
Perennial is a Singapore-based owner, developer and manager of large scale mixed-use real estate developments in Singapore, China, Malaysia and Ghana.
| Issuer: | Perennial Real Estate Holdings Ltd.
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| Issue: | Retail bonds
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| Amount: | Up to S$200 million (S$75 million for placement)
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| Oversubscription option: | Up to S$100 million for public tranche
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| Maturity: | Four years
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| Coupon: | 4.55%
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| Price: | Par
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| Yield: | 4.55%
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| Bookrunners: | DBS Bank and United Overseas Bank
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| Offer period: | April 21 for placement; April 20-April 27 for public offer
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| Settlement date: | April 29
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