ARA Asset Management has proposed Thursday issuing S$350 million of 5.60 percent subordinated perpetual securities under its S$1.5 billion multi-currency debt issuance program as series 004.
The notes are expected to issued on or around 4 September, ARA Asset Management said in a filing to SGX.
The net proceeds will be used for general corporate purposes, including refinancing existing borrowings, financing investments, general working capital and capital expenditure requirements, the filing said.
At the first reset date for the interest rate, which will be 4 September 2026, the rate will reset to the Singapore dollar swap offer rate at that time plus the initial spread of 4.06 percent, ARA Asset Management said.
Credit Suisse (Singapore), DBS Bank, OCBC and UOB were appointed joint lead managers for the securities, the filing said.
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