Keppel Infrastructure Trust has proposed issuing a second tranche of S$100 million 4.75 percent subordinated perpetual securities, the trust said in a filing to SGX Tuesday.
The second tranche will be considered a single series, or the series 001 tranche 002, with the S$200 million 4.75 percent perpetual securities issued earlier in June, the filing said.
The net proceeds are earmarked for refinancing borrowings and general working capital purposes, KIT said.
The securities are perpetual and have no fixed maturity date, KIT said, adding issuance is expected on 25 June.
The distribution rate will be 4.75 percent until 12 June 2029, which is the first reset date, when the rate will become the prevailing 10-year Singapore dollar swap offer rate plus an initial spread of 2.737 percent and a step-up margin at 1.00 percent, KIT said.
KIT said it will also have the option to fully redeem the notes on 12 June 2029. The later reset dates will be at 10-year intervals, it said.
The securities were issued under KIT’s S$1 billion multicurrency debt issuance program, the filing said.
OCBC is the sole lead manager and bookrunner for the series 001 tranche 002 securities, the filing said.
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