Property field_blurb Read more at The Business Times.
FRASERS Property plans to sell S$400 million of 4.98 per cent subordinated perpetual securities with a five-year reset under its S$5 billion multicurrency programme.
The securities will be issued at 100 per cent of the nominal amount by Frasers Property Treasury, a wholly owned subsidiary of the listed real estate developer. The securities may be redeemed at the issuer's option after five years at 100 per cent of the principal amount, and will offer security holders make-whole protection if they are called before five years. If the securities are not called after five years, the distribution rate will be reset to an initial spread of 304 basis points over the prevailing five-year Singapore dollar swap offer rate plus a step-up of 100 bps.
Net proceeds from the issue will be used for general corporate purposes and refinancing requirements of Frasers Property and its subsidiaries.
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