By William Gullotti
Buffalo, N.Y., Aug. 23 – AIMS APAC REIT priced S$250 million of perpetual securities at par, according to an announcement on Monday.
The distribution rate will initially be 5 3/8% per year. The rate will reset after five years and every reset date after that to the five-year SORA rate plus a spread of 465.4 basis points.
Distribution payments may be deferred and any distribution deferred is non-cumulative.
This is the third series of notes to be issued under AA REIT’s S$750 million multicurrency debt program, established Nov. 30, 2018.
All of the notes can be redeemed at par starting on the first reset date and then on any distribution payment date thereafter.
DBS Bank Ltd., HSBC Ltd., Singapore Branch, Oversea-Chinese Banking Corp., Ltd. and United Overseas Bank Ltd. are the joint lead managers and joint bookrunners for the series 003 notes.
The notes have an expected issue date of Sept. 1.
Proceeds will be used for general corporate purposes, including to finance the general working capital, capital expenditure and investments of the group and the partial or full refinancing of existing borrowings of the group.
Formerly AIMS AMP Capital Industrial REIT, AIMS APAC owns industrial properties in Singapore and Australia.
| Issuer: | AIMS APAC REIT
|
| Issue: | Perpetual securities, series 003
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| Amount: | S$250 million
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| Bookrunners: | DBS Bank Ltd., HSBC Ltd., Singapore Branch, Oversea-Chinese Banking Corp., Ltd. and United Overseas Bank Ltd.
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| Trustee: | HSBC Institutional Trust Services (Singapore) Ltd.
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| Distribution: | 5 3/8% initial rate; resets after five years to five-year SORA plus 465.4 bps
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| Price: | Par
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| Call: | All of the notes at par starting on the first reset date and any distribution payment date thereafter
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| Announcement date: | Aug. 23
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| Issue date: | Sept. 1
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