By Marisa Wong
Los Angeles, Sept. 15 – Frasers Property Ltd. upsized its offering of 4.49% green notes due 2027 to S$500 million from S$420 million due to strong demand, according to a Thursday press release.
The offering comprises two tranches, a public offer tranche now totaling S$350 million and a placement tranche now finalized at S$150 million.
As previously reported, the issuer had the option to upsize the total offering to S$650 million.
Overall, total applications under both tranches amounted to S$689.3 million, representing a subscription rate of about 1.64 times the initial offering, according to the release.
The initial public offer of S$300 million was 1.48 times subscribed, and the initial placement of S$120 million was 2.04 times subscribed.
As of the close of the public offer at midnight ET at the end of Sept. 13, applications were received for S$444.28 million of the notes at an issue price of par.
As of the close of the placement at 7 a.m. ET on Sept. 14, applications were received for S$225 million of the notes at an issue price of par.
The notes are expected to be issued on Sept. 16 and begin trading on the Singapore Exchange on Sept. 19.
Wholly owned subsidiary Frasers Property Treasury Pte. Ltd. is the issuer.
The Regulation S notes are being issued under the subsidiary’s S$5 billion multicurrency debt issuance program and guaranteed by the parent company.
DBS Bank Ltd., Oversea-Chinese Banking Corp., Ltd. and United Overseas Bank Ltd. are the joint lead managers and joint bookrunners for the offering.
Proceeds will be used to finance or refinance, in whole or in part, eligible projects as described in the company’s green finance framework.
Frasers is a multinational real estate and property management company with headquarters in Singapore.
| Issuer: | Frasers Property Treasury Pte. Ltd.
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| Guarantor: | Frasers Property Ltd.
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| Amount: | S$500 million, increased from S$420 million
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| Issue: | Green notes
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| Maturity: | Sept. 16, 2027
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| Bookrunners: | DBS Bank Ltd., Oversea-Chinese Banking Corp., Ltd. and United Overseas Bank Ltd.
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| Trustee: | Perpetual (Asia) Ltd.
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| Counsel to issuer: | Baker & McKenzie. Wong & Leow (England), WongPartnership LLP (Singapore)
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| Counsel to underwriters: | Linklaters Singapore Pte. Ltd. (England), King & Wood Mallesons (Australia)
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| Coupon: | 4.49%
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| Price: | Par
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| Yield: | 4.49%
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| Call options: | Make-whole call at SORA plus 30 bps; for taxation reasons at par plus interest
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| Pricing date: | Sept. 8
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| Issue date: | Sept. 16
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| Listing date: | Sept. 19
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| Listing: | Singapore
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| Distribution: | Regulation S
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