By Cady Vishniac
Detroit, Dec. 9 – YTL Starhill Global REIT Management Ltd. subsidiary Starhill Global Real Estate Investment Trust sold S$100 million of 3.85% series 002 perpetual securities, according to an announcement.
The notes are being issued under YTL Starhill’s S$2 billion multicurrency debt issuance program, which was established on Jan. 3.
Interest on the perpetuals will reset every five years on Dec. 15, beginning in 2025. Starhill may redeem the notes on any reset date.
The reset distribution rate will be the prevailing Singapore dollar five-year swap offer rate plus a 329.2 basis points spread.
Oversea-Chinese Banking Corp. Ltd. was the lead manager and bookrunner.
Proceeds will be used to refinance existing borrowings, to meet capital expenditure requirements and/or for working capital purposes of Starhill Global REIT.
Application will be made for a listing with the Singapore Exchange.
Based in Singapore, Starhill Global invests primarily in real estate for retail and office purposes in Singapore and overseas.
| Issuer: | Starhill Global Real Estate Investment Trust
|
| Issue: | Perpetual securities, series 002
|
| Amount: | S$100 million
|
| Maturity: | Perpetual
|
| Bookrunner: | Oversea-Chinese Banking Corp. Ltd.
|
| Trustee: | HSBC Institutional Trust Services (Singapore) Ltd.
|
| Coupon: | 3.85% initial rate; resets to prevailing Singapore dollar five-year swap rate plus 329.2 bps
|
| Call: | On any five-year reset date beginning on Dec. 15, 2025
|
| Announcement date: | Dec. 9
|
| Issue date: | Dec. 15
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