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Kep Infra Trust to issue S$100m 4.75% subordinated perp securities

KEPPEL Infrastructure Trust (KIT) on Tuesday proposed to issue S$100 million of subordinated perpetual securities at 4.75 per cent.

Being perpetual, these securities have no fixed final redemption date. These are expected to be issued on June 25.

Net proceeds will be used for refinancing borrowings and general working capital purposes.

This is the second tranche of KIT's S$1 billion multicurrency debt issuance programme, and will form a single series with the S$200 million of 4.75 per cent subordinated perpetual securities issued on June 12.

OCBC Bank is the sole lead manager and bookrunner for the second tranche.

KIT closed on Tuesday at S$0.495 before the announcement, up 0.5 Singapore cent or 1.02 per cent.

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