Starhill Global Reit prices S$100m perps at 3.85%
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.
A NEWSLETTER FOR YOU
Property Insights
Get an exclusive analysis of real estate and property news in Singapore and beyond.
Units of Starhill Global Reit closed flat at S$0.48 on Wednesday.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Porsche posts Q1 profit drop on ramp-up costs
IBM plots US$730 million expansion of Canadian semiconductor site
Seatrium unit to fully redeem S$500 million worth of floating-rate bonds early
Yeo Guat Kwang, John Chen retiring from corporate boards
US: Wall St opens higher
Air China orders homegrown C919s in challenge to jet duopoly