By Marisa Wong
Los Angeles, May 24 – ESR Cayman Ltd. priced S$150 million of additional 5.65% perpetual resettable step-up subordinated securities at par on Monday, according to a company announcement.
The securities will be consolidated and form a single series with the original S$200 million of 5.65% perpetual securities issued on March 2.
Credit Suisse (Singapore) Ltd., DBS Bank Ltd., Oversea-Chinese Banking Corp. Ltd. and United Overseas Bank Ltd. are joint bookrunners for the Regulation S add-on.
As reported, 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.
Proceeds from the tap issue 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.
|
| Issue: | Perpetual resettable step-up subordinated securities, tap issue
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| Amount: | S$150 million
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| Maturity: | Perpetual
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| Bookrunners: | Credit Suisse (Singapore) Ltd., DBS Bank Ltd., Oversea-Chinese Banking Corp. Ltd. and United Overseas Bank Ltd.
|
| 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: | May 24
|
| Distribution: | Regulation S
|
| Total issuance: | S$350 million, including S$200 million issued on March 2
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