The securities carry a coupon of 4.60% per annum (p.a.) and was issued under the group’s $3 billion multicurrency medium term note programme.
GuocoLand says it will not be exercising the issuer’s redemption option on Jan 23, 2023, which is the first call date of its $400 million subordinated perpetual securities.
The securities’ distribution rate will only be eligible for reset on the first reset date of Jan 23, 2025, and each date falling seven years after the first reset date. If the securities were not redeemed, the distribution rate will be reset on the first reset date to the applicable reset distribution rate to be determined according the terms and conditions in the information memorandum dated Sept 28, 2017.
