Starhill Global Reit prices S$100m perps at 3.85%
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Vivienne Tay
STARHILL Global Real Estate Investment Trust's (Starhill Global Reit) trustee will issue S$100 million of 3.85 per cent perpetual securities, the manager said in a bourse filing on Wednesday night.
The perps will be issued under the Reit's S$2 billion multi-currency debt issuance programme.
If they are not called, the coupon rate will reset on Dec 15, 2025, and every five years thereafter to the prevailing Singapore dollar five-year swap offer rate plus an initial spread of 3.292 per cent per annum.
Net proceeds will be used to refinance the Reit's existing borrowings, meet its capital expenditure requirements and/or be used for working capital purposes.
The manager expects the perps to be issued on Dec 15, 2020, and listed on the Singapore Exchange on or about a day after the issue.
OCBC has been appointed the sole lead manager and bookrunner of the perps.
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Units of Starhill Global Reit closed flat at S$0.48 on Wednesday.
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