By Marisa Wong
Los Angeles, Feb. 24 – ESR Cayman Ltd. priced S$200 million of 5.65% perpetual resettable step-up subordinated securities at par on Tuesday, according to a company announcement.
The distribution rate resets on March 2, 2026 and every five years after that to the five-year Singapore swap offer rate plus an initial spread of 473 basis points and a step-up margin of 200 bps.
The securities are callable at par beginning on March 2, 2026 and on any semiannual distribution payment date after that.
Credit Suisse (Singapore) Ltd., DBS Bank Ltd. and United Overseas Bank Ltd. are joint bookrunners for the Regulation S offering.
Proceeds will be used to refinance existing borrowings, to finance potential acquisition and investment opportunities and for working capital requirements and general corporate purposes.
ESR operates as a logistics real estate developer based in Hong Kong.
| Issuer: | ESR Cayman Ltd.
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| Issue: | Perpetual resettable step-up subordinated securities
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| Amount: | S$200 million
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| Maturity: | Perpetual
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| Bookrunners: | Credit Suisse (Singapore) Ltd., DBS Bank Ltd. and United Overseas Bank Ltd.
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| Distribution rate: | 5.65%, resets on March 2, 2026 and every five years after that to the five-year Singapore swap offer rate plus an initial spread of 473 bps and a step-up margin of 200 bps
|
| Price: | Par
|
| Call option: | At par beginning on March 2, 2026 and on any semiannual distribution payment date after that
|
| Pricing date: | Feb. 23
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| Distribution: | Regulation S
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