By Marisa Wong
Los Angeles, Aug. 23 – SPH REIT Management Pte. Ltd. announced that DBS Trustee Ltd., trustee of SPH REIT, priced S$300 million of 4.1% subordinated perpetual securities.
Hongkong and Shanghai Banking Corp. Ltd., Singapore Branch and Oversea-Chinese Banking Corp. Ltd. are joint lead managers and bookrunners for the Regulation S offering.
The distribution rate will reset on Aug. 30, 2024 and every five years after that. The reset distribution rate will be the prevailing five-year swap offer rate plus an initial spread of 251.7 basis points.
The securities will be callable in whole at par on Aug. 30, 2024 and on any semiannual distribution payment date after that.
The securities will be issued under the company’s S$1 billion multicurrency debt issuance program established on Aug. 21.
Proceeds will be used for financing general working capital, capital expenditure and corporate requirements (including acquisitions and investments) and for refinancing existing borrowings.
The securities are expected to be issued on Aug. 30.
The Singapore-based real estate investment trust invests in a portfolio of income-producing real estate, including malls, fashion and luxury boutiques, sports and lifestyle shops, restaurants and cafes and medical clinics.
| Issuer: | DBS Trustee Ltd.
|
| Issue: | Subordinated perpetual securities
|
| Amount: | S$300 million
|
| Maturity: | Perpetual
|
| Bookrunners: | Hongkong and Shanghai Banking Corp. Ltd., Singapore Branch and Oversea-Chinese Banking Corp. Ltd.
|
| Distribution rate: | 4.1%, resets on Aug. 30, 2024 and every five years after that at five-year swap offer rate plus an initial spread of 251.7 bps
|
| Call option: | In whole at par on Aug. 30, 2024 and on any semiannual distribution payment date after that
|
| Announcement date: | Aug. 23
|
| Settlement date: | Aug. 30
|
| Distribution: | Regulation S
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