Mapletree Logistics Trust prices S$400 million perpetual securities at 3.5%
Net proceeds will go towards the group’s general corporate and working capital purposes
[SINGAPORE] Mapletree Logistics Trust (MLT) has priced S$400 million in subordinated perpetual securities at 3.5 per cent under its S$3 billion euro medium-term securities programme.
Net proceeds will go towards the group’s general corporate and working capital purposes, including the refinancing of its S$400 million fixed-rate subordinated perpetual securities, said the manager in a bourse filing on Tuesday (Aug 4).
The securities are perpetual with no fixed redemption date. The initial distribution rate is 3.5 per cent per annum from Aug 12, 2026, up to but excluding Aug 12, 2031, when the rate resets.
The reset distribution rate will be equivalent to the five-year Singapore Overnight Rate Average Overnight Indexed Swap, plus the initial spread of 1.439 per cent per annum. Distributions are payable semi-annually in arrears.
The perpetual securities are rated BBB- by Fitch.
DBS and OCBC have been appointed as joint lead managers and book runners for the issuance of the perpetual securities.
Units of MLT ended Tuesday flat at S$1.23, before the announcement.
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