Perennial launches and prices S$170m of 5.95% notes due 2020

PERENNIAL Real Estate launched and priced S$170 million of 5.95 per cent notes due 2020 on Monday, it has announced.

Net proceeds from the notes - which will be issued under a S$2 billion multi-currency debt issuance programme established in 2015 - will be used to refinance the group's borrowings, Perennial added.

The notes are expected to be issued on Aug 28 and listed on the next market day.

Associates of chairman and controlling shareholder Kuok Khoon Hong have subscribed for about 17.6 per cent of the note issue, while an associate of vice-chairman and controlling shareholder Ron Sim has subscribed for about 5.9 per cent of the issue.

Pua Seck Guan, who is chief executive, executive director and a substantial shareholder, has subscribed for some 2.9 per cent of the issue.

DBS Bank, OCBC Bank and United Overseas Bank have been appointed joint lead managers and bookrunners for the notes, which will constitute direct, unconditional, unsubordinated and unsecured obligations of the issuer and rank pari passu with all other present and future unsecured obligations other than subordinated obligations and priorities created by law.