By William Gullotti
Buffalo, N.Y., June 2 – ESR-Logos REIT, formerly known as ESR-REIT, priced S$150 million of 5˝% series 008 subordinated perpetual securities at par, according to a notice on Thursday.
The notes will be issued under the company’s S$750 million multicurrency debt issuance program, according to the notice released by the issuer’s manager, ESR-Logos Funds Management (S) Ltd., formerly known as ESR Funds Management (S) Ltd.
RBC Investor Services Trust Singapore Ltd., in its capacity as the trustee of ESR-Logos REIT, will issue the notes.
The initial 5˝% distribution rate will reset on June 9, 2027 to SORA-OIS plus 295.8 basis points and on five-year intervals thereafter.
The perpetuals will become callable on any scheduled distribution date in whole, but not in part, starting June 9, 2027 at par plus any accrued distribution.
DBS Bank Ltd., Oversea-Chinese Banking Corp., Ltd. and United Overseas Bank Ltd. are the joint lead arrangers for the offering.
Proceeds will be used to refinance the cash consideration for the company’s merger with ARA Logos Logistics Trust, to refinance existing debt and for general working capital.
Listing for the perpetuals is expected on the Singapore Exchange effective June 10.
The issuer is a real estate investment trust company based in Singapore.
| Issuer: | ESR-Logos REIT
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| Amount: | S$150 million
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| Issue: | Series 008 subordinated perpetual securities
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| Maturity: | Perpetual
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| Bookrunners: | DBS Bank Ltd., Oversea-Chinese Banking Corp., Ltd. and United Overseas Bank Ltd.
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| Trustee: | RBC Investor Services Trust Singapore Ltd.
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| Coupon: | 5˝% until June 9, 2027; resets to SORA-OIS plus 295.8 bps and will reset every five years
|
| Price: | Par
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| Yield: | 5˝%
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| Call: | In whole, but not in part, at par plus any accrued distribution starting June 9, 2027 and on any subsequent distribution payment date
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| Announcement date: | June 2
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| Issue date: | June 9
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| Listing date: | June 10
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