By Sarah Lizee
Olympia, Wash., Oct. 10 – CapitaLand Ltd. said CapitaLand Treasury Ltd. priced S$500 million of 3.65% perpetual notes at par.
Interest will be reset in five years from issuance to a rate equal to the prevailing five-year SGD swap offer rate plus 220 basis points. In 10 years from issuance, interest will be reset to the swap offer rate plus 320 bps.
The notes will be issued under the company’s S$5 billion euro medium-term note program, established on April 29.
The notes are callable at par after five years.
DBS Bank Ltd., Oversea-Chinese Banking Corp. and United Overseas Bank Ltd. are the joint lead managers and joint bookrunners. DBS is also the global coordinator.
Proceeds will be used to refinance existing debt and for general corporate purposes.
The diversified real estate group is based in Singapore.
| Issuer: | CapitaLand Treasury Ltd.
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| Guarantor: | CapitaLand Ltd.
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| Issue: | Fixed-rate medium-term notes
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| Amount: | S$500 million
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| Maturity: | Perpetual
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| Bookrunners: | DBS Bank Ltd. (global coordinator), Oversea-Chinese Banking Corp. and United Overseas Bank Ltd.
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| Coupon: | 3.65% initially; to be reset in five years to SGD swap offer rate plus 220 bps, and in 10 years to swap offer rate plus 320 bps
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| Price: | Par
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| Call: | Callable at par after five years
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| Settlement date: | Oct. 17
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