By Marisa Wong
Morgantown, W.Va., Feb. 2 – Singapore’s GuocoLand Ltd. said its wholly owned subsidiary, GLL IHT Pte. Ltd., has priced S$50 million of additional 4.6% subordinated perpetual securities to be consolidated and form a single series with the existing S$350 million of securities issued on Jan. 23. The securities are guaranteed by the parent company.
The add-on will be issued on Feb. 8 at par plus accrued interest from and including Jan. 23 to but excluding Feb. 8.
Oversea-Chinese Banking Corp. Ltd. is the lead manager and bookrunner for the add-on.
The distribution rate resets seven years after the issue date and every seven years after that, as previously announced.
The securities are callable in whole at par on the fifth anniversary of the issue date and on any semiannual distribution date after that.
The securities will be issued under the company’s S$3 billion multicurrency medium-term note program.
Proceeds will be used for financing general working capital, capital expenditure and corporate requirements.
GuocoLand is an investment holding company that focuses on real estate properties in Singapore, China, Malaysia and Vietnam.
| Issuer: | GLL IHT Pte. Ltd.
|
| Guarantor: | GuocoLand Ltd.
|
| Issue: | Subordinated perpetual securities, add-on
|
| Amount: | S$50 million
|
| Maturity: | Perpetual
|
| Bookrunner: | Oversea-Chinese Banking Corp. Ltd.
|
| Distribution rate: | 4.6%, resets seven years after the issue date and every seven years after that; steps up by 100 bps upon change of control
|
| Price: | Par plus accrued interest from and including Jan. 23 to but excluding Feb. 8
|
| Call option: | In whole at par on the fifth anniversary of the issue date and on any semiannual distribution date after that
|
| Change-of-control put: | Yes
|
| Announcement date: | Feb. 2
|
| Settlement date: | Feb. 8
|
| Original issue: | S$350 million on Jan. 23
|
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