You are here

ARA Asset Management proposes to raise S$300m in perpetual securities

ARA Asset Management has proposed to issue S$300 million worth of 5.65 per cent subordinated perpetual securities under its S$1.5 billion multicurrency debt issuance programme, the real estate fund manager said in a Singapore Exchange filing on Wednesday night.

This would constitute unconditional, subordinated and unsecured obligations, and the Series 002 securities would be perpetual, with no fixed final redemption date.

Its denomination is S$250,000, and it has a distribution rate of 5.65 per cent per annum plus the change of control Margin, if applicable.

ARA said the net proceeds will be used for "general corporate purposes and financing investments" of ARA and its subsidiaries, associated companies and/or its joint venture companies.

The securities are expected to be issued on or around March 14, 2018.

sentifi.com

Market voices on: