Hotel Properties prices $160m in subordinated perpetual securities

These securities are issued under the company’s $1b multicurrency debt issuance programme

Hotel Properties Limited has priced $160m in 5.50% subordinated perpetual securities.

The issuance will be managed by DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, and United Overseas Bank Limited.

These securities are issued under the company’s $1b multicurrency debt issuance programme, established on 3 March 2017.

The securities are perpetual, meaning there is no fixed redemption date, and they provide a right to receive distribution payments. The distribution rate for the securities will be set at 5.50% per annum from the issue date until 30 October 2029, which marks the “First Reset Date.” Following this, the rate will be reset every five years.

The reset distribution rate will be calculated based on the five-year SORA-OIS plus an initial spread of 2.863%, a step-up margin of 1.00%, and a change of control event margin of 3.00%, where applicable.

Distributions will be paid semi-annually on 30 April and 30 October, beginning on 30 April 2025. Unpaid distributions will be cumulative.

The company may redeem the securities on 30 October 2029, or any subsequent distribution payment date, subject to specific conditions.

These securities are direct, unconditional, subordinated, and unsecured obligations of the company, ranking equally amongst themselves and with any Parity Obligations.

Securityholder rights are subordinated as described in the terms.

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