CDL Hospitality REIT raises $100m in perpetual debt to slash borrowings

The 4.00% securities under a $1.5b programme have no fixed redemption date and semi-annual payouts.

CDL Hospitality Real Estate Investment Trust (H-REIT) has issued $100 m in 4.00% subordinated perpetual securities under its $1.5 b multicurrency debt issuance programme.

The announcement was made jointly by M&C REIT Management Limited and M&C Business Trust Management Limited.

The securities, issued through DBS Trustee Limited as trustee of H-REIT, are perpetual and have no fixed redemption date.

The distribution rate from 20 February 2026 to 20 August 2031 is 4.00% per annum.

After this period, the rate will reset every five years based on the five-year SORA OIS plus a 2.183% spread, the announcement said.

Distributions are payable semi-annually on 20 February and 20 August, commencing 20 August 2026.

The issuer may defer distributions under the terms of the securities. Redemption of all securities may occur at the issuer’s option on the first reset date and each subsequent distribution date, or upon specified events.

The securities are direct, unconditional, subordinated and unsecured obligations of the issuer, ranking pari passu with other similar obligations, with net proceeds to be used to repay existing borrowings.

The securities will be offered outside the United States under Regulation S and in Singapore to institutional and accredited investors under the Securities and Futures Act 2001.

Listing and quotation on the SGX-ST is expected on or shortly after 20 February 2026.

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CDL Hospitality Trusts

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