By Rebecca Melvin
Concord, N.H., May 27 – Lendlease Global Commercial Trust Management Pte. Ltd., as manager of Lendlease Global Commercial Real Estate Investment Trust, announced pricing of S$200 million 4.2% perpetual securities, according to a news release.
The series 001 notes are the inaugural issue priced under the REIT’s S$1 billion multicurrency debt issuance program.
Pricing, which occurred on Thursday, was tight to initial guidance of 4.35%. The notes are expected to settle on June 4 with listing on the Singapore Exchange Securities Trading Ltd. on June 7.
The notes may be redeemed on the first reset date on June 4, 2026 and at subsequent resets occurring every five years.
The issue was oversubscribed by 3.7 times with orders exceeding S$550 million.
DBS Bank Ltd. and Oversea-Chinese Banking Corp. Ltd. were joint global coordinators, bookrunners and underwriters of the Regulation S transaction.
The proceeds will be used for refinancing existing borrowings, financing potential acquisitions and investment opportunities and also go toward general working capital, capital expenditures and general corporate purposes.
Lendlease is a Singapore-based real estate investment trust investing in offices and retail spaces worldwide.
| Issuer: | Lendlease Global Commercial Trust Management Pte. Ltd.
|
| Guarantor: | Lendlease Global Commercial Real Estate Investment Trust
|
| Issue: | Perpetual securities, series 001
|
| Amount: | S$200 million
|
| Maturity: | Perpetual
|
| Bookrunners: | DBS Bank Ltd. and Oversea-Chinese Banking Corp. Ltd.
|
| Coupon: | 4.2%
|
| Rate reset date: | June 4, 2026 and every five years thereafter
|
| Calls: | After five years on June 4, 2026 and every five years thereafter
|
| Pricing date: | May 27
|
| Settlement date: | June 4
|
| Distribution: | Regulation S
|
| Price guidance: | 4.35%
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
