Chicago, June 1 – Mapletree North Asia Commercial Trust sold S$250 million of 3½% perpetual securities at par, according to multiple notices.
Initial guidance for the starting rate was 3¾%. The offer was oversubscribed.
The interest resets on June 8, 2026 for the first time and then at five-year intervals after that date. The new rate will be determined at 252.7 basis points over the Singapore dollar swap offer rate.
Swap transactions will be entered into to swap the Singapore dollar rate of distribution into a Japanese yen fixed interest rate.
The notes are being issued under the company’s $1.5 billion euro medium-term securities program.
Oversea-Chinese Banking Corp. Ltd. is the global coordinator. Joining as a joint bookrunner and lead manager is DBS Bank Ltd.
Proceeds will be used for general corporate purposes, including the recently announced acquisition of a freehold office building in Japan.
The Singapore-based real estate investment trust currently consists of 12 properties in China, Hong Kong, Japan and South Korea.
| Issuer: | Mapletree North Asia Commercial Trust
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| Issue: | Perpetual securities
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| Amount: | S$250 million
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| Maturity: | Perpetual
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| Bookrunners: | Oversea-Chinese Banking Corp. Ltd. and DBS Bank Ltd.
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| Coupon: | 3½% start rate, resets June 8, 2026 and every five years thereafter to Singapore dollar swap offer rate plus 252.7 bps
|
| Price: | Par
|
| Trade date: | May 31
|
| Settlement date: | June 8
|
| Price talk: | 3¾%
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