By Lisa Kerner
Charlotte, N.C., Oct. 24 – Stockland Corp. Ltd. announced it priced €300 million of seven-year green bonds under its euro medium-term note program.
The notes were priced at a fixed-rate coupon of 1.5%, which Stockland has swapped into Australian dollars at a total cost of BBSW plus 153 basis points. The notes will be listed on the Singapore Stock Exchange.
The joint lead managers were UBS and HSBC.
Proceeds will be used to fund eligible environmentally sustainable projects, including the development and redevelopment of Green Star-rated retail, commercial, residential and retirement living projects, according to a company news release.
“This green bond issuance into the euro market ... provides further diversification of Stockland's funding sources, increases the average life of our senior facilities and secures funding at competitive long-term pricing,” Stockland chief financial officer Tiernan O’Rourke said in the news release.
Stockland is a Sydney, Australia-based property development and financial company.
| Issuer: | Stockland Corp. Ltd.
|
| Issue: | Euro medium-term notes
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| Amount: | €300 million
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| Coupon: | 1.5%
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| Maturity: | Seven years
|
| Managers: | UBS, HSBC
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