Frasers Property unit plans $150m fixed-rate offering

The notes will carry a 3.5% annual interest rate and mature in August 2036.

Frasers Property’s wholly owned subsidiary, Frasers Property Treasury, plans to issue $150m of fixed-rate notes under its $5b Multicurrency Debt Issuance Programme.

The Series 006 notes will carry a fixed interest rate of 3.5% per annum, payable every six months. Unless redeemed, purchased or cancelled earlier, the notes will mature on 28 August 2036.

Frasers Property will guarantee the issuer’s obligations under the notes.

The net proceeds, after deducting issue expenses, will be used for general corporate purposes. These may include refinancing existing borrowings, financing acquisitions and investments, and meeting working capital or capital expenditure requirements.

The proceeds may be used by Frasers Property Treasury, Frasers Property and the group’s subsidiaries, associated companies and joint ventures.

The notes will be issued in registered form and in denominations of $250,000. They will be offered in Singapore to institutional and accredited investors.

Frasers Property Treasury may redeem the notes in whole or in part on any interest payment date before maturity at the applicable make-whole amount, together with accrued interest.

OCBC has been appointed joint lead manager and active bookrunner for the offering. CIMB Bank’s Singapore branch will serve as joint lead manager and passive bookrunner.

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