CDL sets up S$2 billion multicurrency perpetual securities issuance programme
The net proceeds will be used to finance general working capital and corporate funding, and refinance existing borrowings
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[SINGAPORE] City Developments Ltd (CDL) has launched a S$2 billion multicurrency debt issuance programme.
The net proceeds will be used to finance general working capital requirements and corporate funding of CDL and its subsidiaries, as well as to refinance existing borrowings, said the group in a bourse filing on Thursday (Apr 9).
The perpetual securities will be offered in Singapore to institutional investors and accredited investors. Perpetual securities have no fixed maturities and may be issued in various amounts, bearing fixed or floating rates of distribution. The issuer may also defer the distributions.
CDL has applied to the Singapore Exchange to allow trading and listing of the perpetual securities. UOB is the arranger and dealer of the facility.
Shares of CDL ended Thursday 1.7 per cent or S$0.15 lower at S$8.44, before the announcement.
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