It will be consolidated as a single series with the $170m existing notes.
Perennial Real Estate issued an additional $10m notes priced at 5.95% following their recent release of $170m notes, an announcement revealed.
Together, the two released notes will be consolidated under the $170m notes priced at 5.95%.
The notes will be due by August 2020 and payable semi-annually in arrears and have increased its aggregate amount to $180m.
According to Perennial, DBS, OCBC, and UOB will jointly be the managers and bookrunners for the notes. They are expected to be issued by 28 August.
In accordance with the increase of the issue size, the principal amount subscribed by the firm’s executives have been decreased to 25.1% from 26.4%. Associates of chairman Kuok Khoon Hong, vice chairman Ron Sim, and CEO Pua Seck Guan have reduced the percentage of their aggregate principal amount subscribed to 16.7%, 5.6%, and 2.8%, respectively.
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