CDL Hospitality Trusts launches $1.5b multicurrency debt programme

Proceeds from the issuance will be used to refinance existing borrowings, among others.

CDL Hospitality Trusts has launched a multicurrency debt issuance programme of up to $1.5b.

The programme allows for the issuance of notes and/or perpetual securities in Singapore dollars or other agreed currencies, with DBS Bank Ltd. acting as the sole arranger and dealer.

The programme will be jointly issued by DBS Trustee Limited, in its capacity as trustee of CDL Hospitality Real Estate Investment Trust (CDL H-REIT), and M&C Business Trust Management Limited, as trustee-manager of CDL Hospitality Business Trust (HBT).

Under the programme, notes may be issued in various sizes and tenors, and may bear fixed, floating, variable, hybrid, or zero-coupon interest.

These will constitute direct, unconditional, unsubordinated, and unsecured obligations of the issuers, ranking pari passu with their other unsecured debt, subject to applicable law.

Perpetual securities under the programme may be structured with no fixed maturity and may carry either fixed or floating distributions, with the option for distribution deferral if specified.

These may be issued as senior (unsubordinated and unsecured) or subordinated (unsecured) instruments, and will rank pari passu within their respective classes.

Proceeds from the issuance will be used to refinance existing borrowings, fund or refinance acquisitions and investments, support intercompany lending within the group, finance asset enhancement initiatives, bolster general working capital, or for other purposes as specified in the pricing supplement.

The securities will be offered outside the United States in compliance with Regulation S and, in Singapore, to institutional investors under Section 274 and accredited investors under Section 275 of the Securities and Futures Act.

The Singapore Exchange Securities Trading Limited (SGX-ST) has granted an eligibility-to-list (AIP) for the programme, and CDLHT intends to apply for any issued securities to be listed and quoted on the SGX-ST, subject to approval.

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