Frasers Property unit sets up A$2b multicurrency debt issuance programme

A SUBSIDIARY of Frasers Property has established a A$2 billion (S$1.87 billion) multicurrency debt issuance programme, the property developer said on Friday morning.

Under the programme, the issuer - Frasers Property AHL - may offer notes and perpetual securities in Australian dollars or any other currency that is agreed on between dealers of the programme and the issuer.

Net proceeds from any issuance under the programme will be used to refinance existing borrowings, finance potential acquisitions as well as investment opportunities by the Frasers Property group. Net proceeds will also be used for working capital requirements and the group's general corporate purposes, or as specified in each pricing supplement.

OCBC Bank and the Australia and New Zealand Banking Group have been appointed as the programme's joint arrangers and dealers.

Frasers Property AHL is wholly-owned by Frasers AHL, which is in turn wholly-owned by Frasers Property Australia - a subsidiary of Frasers Property.

Frasers Property shares ended at S$1.67 on Thursday, up two Singapore cents or 1.2 per cent before the announcement.