CapitaLand priced S$500 million fixed-rate perpetual notes at 3.65 percent, with the issue date set for 17 October, the property developer said in a filing to SGX Thursday.
The notes will be issued under the S$5 billion euro medium-term note program established in April, the filing said.
The first reset date for the notes will be five years from the issue date, with the first reset distribution rate to be set at the prevailing five-year SGD swap offer rate, plus the initial spread of 2.20 percent, the filing said.
At the next reset date, 10 years for the issue date, the distribution rate will reset to the prevailing five-year SGD swap offer rate, plus the initial spread, plus a step-up margin of 1.0 percent, the filing said.
The net proceeds will be used to refinance existing borrowings, financing investments and general corporate purposes, CapitaLand said.
DBS Bank was appointed the sole global coordinator for the perpetual notes, while DBS Bank, OCBC and UOB were joint lead managers and joint bookrunners, CapitaLand said.