Perennial prices S$120m fixed rate notes due 2021

PROPERTY developer Perennial Real Estate has launched and priced an issue of S$120 million in fixed rate notes due 2021, to be issued under its S$2 billion multicurrency debt issuance programme.

The notes, to be issued on Jan 12, 2018, will include a term of three years (maturing Jan 12, 2021) and bear 3.9 per cent per annum interest, payable semi-annually in arrears.

Perennial said that the net proceeds arising from the notes issue will go towards general corporate purposes, including the refinancing of existing borrowings, financing of working capital, investments (including mergers and acquisitions) and the company's capital expenditure requirements.

DBS Bank and OCBC Bank have been appointed as the joint lead managers and bookrunners for the issuance.