By Angela McDaniels
Tacoma, Wash., June 18 – Keppel Infrastructure Fund Management Pte. Ltd. said it priced S$100 million of additional 4¾% subordinated perpetual securities at par.
As previously reported, the company issued S$200 million of the securities on June 12.
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.
Proceeds will be used to refinance borrowings and for general working capital purposes.
The issuer is the trustee-manager of Keppel Infrastructure Trust, a Singapore business trust that invests in a portfolio of infrastructure assets.
| Issuer: | Keppel Infrastructure Fund Management Pte. Ltd.
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| Issue: | Subordinated securities, series 001
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| Amount: | S$100 million add-on
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| Maturity: | Perpetual
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| Bookrunner: | Oversea-Chinese Banking Corp. Ltd.
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| 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
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| Price: | Par
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| Call option: | In whole at par on June 12, 2029 and on any distribution payment date after that
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| Settlement date: | June 12 for original S$200 million and June 25 for additional S$100 million
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