By William Gullotti
Buffalo, N.Y., April 4 – Lendlease Global Commercial Trust Management Pte. Ltd., as manager of Lendlease Global Commercial Real Estate Investment Trust, announced pricing an upsized S$200 million 5¼% perpetual securities, according to a listing notice and a press release on Monday.
The issuer was technically RBC Investor Services Trust Singapore Ltd. in its capacity as trustee of the REIT.
The series 002 notes will be issued under the company’s S$1 billion multicurrency debt issuance program.
The issue originally had a target size of S$150 million and was oversubscribed by 5.3 times with orders exceeding S$780 million.
The notes may be redeemed on the first reset date on April 11, 2025 and on each subsequent semiannual distribution payment date thereafter. Redemption may also occur under certain other special conditions.
Rate resets will occur every three years.
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.
Listing for the perpetuals is expected on the Singapore Exchange effective April 12.
Lendlease is a Singapore-based real estate investment trust investing in offices and retail spaces worldwide.
| Issuer: | Lendlease Global Commercial Trust Management Pte. Ltd.
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| Guarantor: | Lendlease Global Commercial Real Estate Investment Trust
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| Issue: | Perpetual securities, series 002
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| Amount: | S$200 million
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| Maturity: | Perpetual
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| Bookrunners: | DBS Bank Ltd. and Oversea-Chinese Banking Corp. Ltd.
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| Coupon: | 5¼%
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| Rate reset date: | April 11, 2025 and every three years thereafter
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| Calls: | Starting April 11, 2025 and every semiannual distribution payment date thereafter
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| Pricing date: | April 5
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| Settlement date: | April 11
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| Listing date: | April 12
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| Distribution: | Regulation S
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