By Rebecca Melvin
New York, July 23 – Frasers Property Ltd. priced a S$200 million add-on to its existing subordinated perpetual securities issued by subsidiary Frasers Property Treasury Pte. Ltd.
The new issuance priced at 100.527 under the company’s S$5 billion multicurrency debt issuance program guaranteed by the parent company.
The original rate reset securities have a current distribution rate of 4.98%. The reset date is April 11, 2024 when the rate will be reset at a margin of 1% per year over the prevailing five-year Singapore dollar swap offer rate.
Oversea-Chinese Banking Corp. Ltd. is the lead manager and bookrunner.
Combined with the original S$400 million of securities priced on April 11, the new issue size is S$600 million.
Formerly known as Frasers Centrepoint Ltd., Frasers Property is a subsidiary of Frasers and Neave, Ltd., a residential property developer and retail mall owner and operator in Singapore.
| Issuer: | Frasers Property Treasury Pte. Ltd.
|
| Guarantor: | Frasers Property Ltd.
|
| Issue: | Fixed-rate subordinated perpetual securities
|
| Amount: | S$200 million add on
|
| Maturity: | Perpetual
|
| Bookrunner: | Oversea-Chinese Banking Corp. Ltd.
|
| Distribution rate: | 4.98%
|
| Reset rate: | 100 bps over five-year Singapore dollar swap offer rate
|
| Price: | 100.527
|
| Step-up date: | April 11, 2024
|
| Announcement date: | July 23
|
| Issue date: | July 30
|
| Total issue size: | S$600 million
|
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