DBS, UOB, JP Morgan Securities Asia and Deutsche Bank are the joint lead managers for the issuance
[SINGAPORE] CapitaLand India Trust (Clint) has priced S$100 million in subordinated perpetual securities at a 4.4 per cent fixed rate under its S$1.5 billion multicurrency debt issuance programme.
Net proceeds from the issuance will be used to refinance existing borrowings, repay loans and finance business activities, acquisitions and the general working capital of Clint, the trustee-manager said on Wednesday (Jun 25).
DBS, UOB, JP Morgan Securities Asia and Deutsche Bank are the joint lead managers for the issuance.
The perpetual securities will be issued in denominations of S$250,000 at an issue price of 100 per cent of the principal amount, the trustee-manager said. They are expected to be issued on Jul 2, and listed on the Singapore Exchange on or around Jul 3.
Perpetual security holders will receive distributions at a fixed rate of 4.4 per cent per annum from the expected issue date up till, but excluding, the first reset day on Jul 2, 2030.
Subsequently, they will receive distributions at a per-annum fixed rate equal to the five-year Singapore Overnight Rate Average Overnight Indexed Swap, according to the relevant reset date.
While there is no fixed final redemption date, Clint may redeem all the perpetual securities at the redemption amount on the first reset date or any distribution payment date following that. In that event, the business trust will give perpetual security holders a notice of at least 30, but not more than 60 days.
Clint may also redeem the perpetual securities upon the occurrence of other redemption events, including for taxation or accounting reasons, and in the case of a minimal outstanding amount, as specified in conditions in the pricing supplement.
Units of Clint ended on Wednesday 3 per cent or S$0.03 higher at S$1.03.
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