SINGAPORE: Frasers Property has issued a 5-year green note worth S$420 million on September 9th. Fixed interest rate of 4.49% per annum.
The public offering will offer up to S$300 million to retail investors and up to S$120 million to institutional and other investors.
The bonds will be issued under the S$5 billion multi-currency bond issuance program of its wholly owned subsidiary Frasers Property Treasury and will be “unconditionally and irrevocably guaranteed” by Frasers Property, the company said.
The minimum investment amount under the public offering is S$1,000, and any amounts above that are in multiples of S$1,000.
The call for entries opens at 9:00 am on Friday and ends at noon on the following Wednesday.
DBS Bank, OCBC Bank and UOB are joint lead managers and bookrunners for this offer. OCBC Bank is the Green Finance Advisor for this offer.
Public small applications can be made at ATMs at DBS Bank and POSB, OCBC Bank and UOB. It can also be done on participating banks’ internet banking websites or mobile banking apps.
If oversubscribed in an open offer or placement, the total offer size may increase up to S$650 million.
Public offering subscriptions are subject to voting if the total subscription exceeds the available amount.
Frasers Property states that “the final allocation between public offerings shall be at the discretion of the Issuer and Guarantor and shall be determined in consultation with the joint lead managers and the proposal’s bookrunners.”
Bonds will be redeemed on September 16, 2027, unless previously redeemed or purchased and canceled. The bondholder will receive semi-annual interest payments on March 16th of each year and he on September 16th, starting on his March 16th of the next year.
In a press release on Friday, the company said it was Singapore’s first corporate green retail note.
“This sustainable financing initiative is in line with the Group’s goal of financing the majority of new sustainable real estate assets with green and sustainable financing by 2024,” it added. .
Loo Choo Leong, Group Chief Financial Officer of Frasers Property, said:
