Chicago, June 1 – Keppel Infrastructure Fund Management Pte. Ltd. sold S$300 million 4.3% subordinated perpetual securities at par, under its S$2 billion multicurrency debt program, according to a notice.
The distribution rate will convert to a floating rate on June 9, 2031. The rate will be set using the 10-year Singapore dollar swap offer rate plus an initial spread of 273.5 basis points plus a step-up margin of 100 bps.
Distributions can optionally not be paid by the issuer upon notice of more than five but less than 15 days’ notice before the distribution payment date. There is no limit to how many deferrals the issuer can take.
If distributions are not paid, Keppel and any of its subsidiaries will not declare or pay and dividends on any junior obligations or redeem, reduce, cancel or buy back any junior obligations.
The notes can be redeemed early on June 9, 2031, the first call date, and then on any distribution payment date after that. The securities would be redeemed early at par plus distributions accrued (including any arrears of distribution).
Joint lead managers for the securities are DBS Bank Ltd., HSBC Ltd., Singapore Branch, Oversea-Chinese Banking Corp. Ltd. and Standard Chartered Bank (Singapore) Ltd.
The securities will be listed on the Singapore Exchange Securities Trading Ltd.
Proceeds will be used for refinancing the borrowings of the group, for general working capital purposes and/or for investments of the group and any asset enhancement works of the group.
Keppel is a Singapore business that invests in a portfolio of infrastructure assets.
| Issuer: | Keppel Infrastructure Fund Management Pte. Ltd.
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| Issue: | Series 002 subordinated perpetual securities
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| Amount: | S$300 million
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| Maturity: | Perpetual
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| Bookrunners: | DBS Bank Ltd., HSBC Ltd., Singapore Branch, Oversea-Chinese Banking Corp. Ltd. and Standard Chartered Bank (Singapore) Ltd.
|
| Coupon: | 4.3%
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| Price: | Par
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| Yield: | 4.3%
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| Call features: | On June 9, 2031 and then on any distribution payment date after that at par plus distribution payment
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| Trade date: | June 1
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| Settlement date: | June 9
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