Perennial prices additional $10m notes at 5.95%

It will be consolidated as a single series with the $170m existing notes.

Perennial Real Estate issued an additional $10m notes priced at 5.95% following their recent release of $170m notes, an announcement revealed.

Together, the two released notes will be consolidated under the $170m notes priced at 5.95%.

The notes will be due by August 2020 and payable semi-annually in arrears and have increased its aggregate amount to $180m.

According to Perennial, DBS, OCBC, and UOB will jointly be the managers and bookrunners for the notes. They are expected to be issued by 28 August.

Also read: Perennial Real Estate issues $170m notes at 5.95%

In accordance with the increase of the issue size, the principal amount subscribed by the firm’s executives have been decreased to 25.1% from 26.4%. Associates of chairman Kuok Khoon Hong, vice chairman Ron Sim, and CEO Pua Seck Guan have reduced the percentage of their aggregate principal amount subscribed to 16.7%, 5.6%, and 2.8%, respectively.

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