The manager of Keppel REIT announced on the evening of September 7 that the REIT’s trustee, RBC Investor Services Trust, has priced its offering of $150 million 3.15 per cent subordinated perpetual securities under the Series 004 Securities programme.
OCBC Bank has been appointed as the sole lead manager and bookrunner of the offering of the Series 004 securities.
The securities will be issued on September 11, and are expected to be listed on the Singapore Exchange Securities Trading Limited (SGX-ST) on or about September 14.
The securities will be issued in denominations of $250,000 or integral multiples, will have no fixed final redemption date. Holders will receive distribution payments at a fixed rate of 3.15% per annum from and including the issue date, excluding Sep 11, 2025.
They may be redeemed at 100% of their principal amount, but not in part on Sep 11, 2025, or on any distribution payment date.
The net proceeds of the issue of the securities will be used by RBC Investor Services Trust towards the refinancing of its existing $150 million 4.98% subordinated perpetual securities.
Units in Keppel REIT closed 1 cent higher, or 0.9% up, at $1.08.
