By Marisa Wong
Morgantown, W.Va., June 4 – Keppel Infrastructure Trust announced that trustee manager Keppel Infrastructure Fund Management Pte. Ltd. priced S$200 million of 4¾% subordinated perpetual securities at par.
Oversea-Chinese Banking Corp. Ltd. is the lead manager and bookrunner.
The distribution rate will reset on June 12, 2029 and every 10 years after that. The reset distribution rate will be the prevailing 10-year Singapore dollar swap offer rate plus an initial spread of 273.7 basis points plus a step-up margin of 100 bps.
The securities are callable in whole at par on June 12, 2029 and on any distribution payment date after that.
The series 001 securities will be issued under Keppel Infrastructure’s S$1 billion multicurrency debt issuance program.
Settlement is slated for June 12.
Proceeds will be used to refinance borrowings and for general working capital purposes.
Keppel Infrastructure is a Singapore business trust that invests in a portfolio of infrastructure assets.
| Issuer: | Keppel Infrastructure Fund Management Pte. Ltd.
|
| Issue: | Subordinated securities, series 001
|
| Amount: | S$200 million
|
| Maturity: | Perpetual
|
| Bookrunner: | Oversea-Chinese Banking Corp. Ltd.
|
| Distribution rate: | 4¾% initially; resets on June 12, 2029 and every 10 years after that at prevailing 10-year Singapore dollar swap offer rate plus an initial spread of 273.7 bps plus a step-up margin of 100 bps
|
| Price: | Par
|
| Call option: | In whole at par on June 12, 2029 and on any distribution payment date after that
|
| Announcement date: | June 4
|
| Settlement date: | June 12
|
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