Lendlease Global Commercial Reit prices S$120 million perpetual securities at 4.28%

[SINGAPORE] has priced its S$120 million perpetual securities offering at 4.28 per cent.

This falls under the S$1 billion multi-currency debt issuance programme, the manager said in a bourse filing on Tuesday (Apr 14).

The perpetual securities will be issued in denominations of S$250,000 and will have no fixed final redemption date. They are expected to be issued on Apr 23.

Net proceeds from the issue of the perpetual securities, after deducting issue expenses, will be used to refinance existing borrowings – including the S$200 million fixed rate subordinated perpetual securities.

DBS, OCBC and UOB have been appointed as the joint lead managers and bookrunners for the perpetual securities offering. DBS and OCBC are also the joint global coordinators.

The filing said the perpetual securities are expected to be listed on the Singapore Exchange on or around Apr 24.

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Units of the real estate investment trust ended at S$0.575, up 0.9 per cent or S$0.005, before the announcement.