Frasers Property to redeem S$700m 5% perpetual securities on March 9

FRASERS Property will be redeeming S$700 million of 5 per cent subordinated perpetual securities on March 9, which is the first coupon reset date, it said on Thursday.

The redemption price will be S$250,000 for every S$250,000 in nominal amount of perpetual securities, together with the distribution accrued to, but excluding, March 9. The distribution accrued will include any arrears of distribution and any additional distributions.

The perpetual securities will be redeemed by Frasers Property Treasury, the property developer's wholly-owned subsidiary. They were issued under Frasers Property's S$3 billion multicurrency debt issuance programme in 2014.

Frasers Property shares closed flat at S$1.65 on Thursday on an ex-dividend basis, before the announcement.