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FCL to raise S$300m from perpetual bond issue

FRASERS Centrepoint Limited (FCL) is planning to raise S$300 million from a bond issue, the real estate company said in a Singapore Exchange (SGX) filing on Monday night after market close.

The bonds will carry a fixed interest rate of 4.38 per cent per annum and be issued by its wholly-owned subsidiary, FCL Treasury.

The bonds - in denominations of S$250,000 - are expected to be issued on Jan 17, 2018.

Net proceeds will be used for "corporate funding requirements of the company and its subsidiaries", FCL said.

As these are perpetual securities, there is no fixed final redemption date. The step-up date stands at Jan 17, 2028, with a step-up margin of 1 per cent per annum.

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The company added that the proposed issue falls under the S$5 billion multicurrency debt issuance programme established by FCL Treasury on Jan 16 last year, and is guaranteed by FCL.

OCBC bank is the sole global coordinator, lead manager and bookrunner for this series of securities.

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