Singapore’s Frasers begins tender, consent bid for 3.7%, 3.8% notes

By Susanna Moon

Chicago, Sept. 18 – Frasers Centrepoint Ltd. said wholly owned subsidiary FCL Treasury Pte. Ltd. has begun a tender offer and a consent solicitation for its S$75 million 3.7% series 001 notes due 2019 and S$50 million 3.8% series 002 notes due 2022.

The offers will remain open until Oct. 2 at 3:00 a.m. ET for the series 001 notes and at 3:30 a.m. ET for the series 002 notes.

The issuer is offering a purchase price of 102.85% for the series 001 notes, or S$257,125 for each S$250,000 principal amount, and 104.6% for the series 002 notes, or S$261,500 for each S$250,000 principal amount.

Notes may only be offered for sale in principal amounts of S$250,000 and in integrals of that amount.

In the consent bid, the issuer is seeking approval by extraordinary resolutions to amend the terms of each series to insert a call option to redeem the notes with at least seven business days’ notice, according to a company announcement.

The redemption price would be 102.85% of par for the series 001 notes, or S$257,125 for each S$250,000 principal amount, and 104.6% of par for the series 002 notes, or S$261,500 for each S$250,000 principal amount.

The issuer also will pay accrued interest to but excluding the redemption date.

The early consent deadline is 5 a.m. ET on Sept. 27.

The early consent fee is 0.25% of par, or S$625 for each S$250,000 principal amount. The normal consent fee will be 0.125% of par, or S$312.50 for each S$250,000 principal amount.

The company also said on Sept. 14 that it plans to price S$308 million of fixed-rate subordinated perpetual securities at par under its S$5 billion multicurrency debt issuance program.

The distribution rate is 3.95% initially. A step-up date is scheduled for Oct. 5, 2027, and the step-up margin is 100 basis points.

Deutsche Bank AG, Singapore Branch (65 6423 6656/8232/4091 or sg.csg@list.db.com) is the meeting agent for the consent solicitation. Oversea-Chinese Banking Corp. Ltd. (65 6722 2518 or liabilitymanagement@ocbc.com) is the dealer manager for the tender offers.

Frasers Centrepoint, a subsidiary of Frasers and Neave, Ltd., is a residential property developer and retail mall owner and operator in Singapore.

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