CapitaLand issues S$500 million fixed-rate perpetual notes

Top of the CapitaLand building in Singapore’s central business district (CBD); taken September 2018.Top of the CapitaLand building in Singapore’s central business district (CBD); taken September 2018.

CapitaLand said Thursday it has issued S$500 million in fixed-rate subordinated perpetual notes, which had previously priced at 3.65 percent.

The notes were issued under the property developer’s S$5 billion euro medium-term note program established in April of this year, CapitaLand said in a filing to SGX.

Singapore Exchange Securities Trading, or SGX-ST, has given approval in-principle for the listing and quotation of the notes on the exchange, the filing said.

The notes are expected to be listed on Friday, CapitaLand said.

The net proceeds will be used to refinance existing borrowings, financing investments and general corporate purposes, CapitaLand said in a previous statement.

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 has said previously.

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