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PERENNIAL Real Estate Holdings' placement tranche of up to S$100 million for three-year retail bonds which carry a fixed interest of 4.65 per cent per annum has been oversubscribed.
Despite increasing the amount available for subscription up to the limit of S$100 million to meet demand, the placement tranche was oversubscribed with approximately S$130 million of subscriptions received.
"The oversubscription for the placement tranche with subscriptions received of close to S$130 million on the first day of launch is a strong testament of investors' confidence in our quality portfolio, robust balance sheet and reputable sponsors," said Pua Seck Guan, chief executive officer of Perennial Real Estate.
Perennial Real Estate had on Tuesday launched the offer of up to S$150 million of bonds to cater to both the public offer and placement tranche. In view of the oversubscription of the placement tranche, the issuer may choose to increase the amount available for subscription under the public offer tranche, from the remaining S$50 million (available under the initial launch) to up to S$200 million, subject to demand.
Accordingly, the total offer size, including the placement tranche, may be increased to up to S$300 million. Subscriptions under the public offer tranche will be subject to balloting if the total subscriptions exceed the total offer size.
The public offer will close at 9am on Oct 21. The retail bonds are expected to be issued on Oct 23 and commence trading on Oct 26. DBS Bank is the sole lead manager and bookrunner of the offer.