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MARKETS & INVESTING | Staff Reporter, Singapore
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Perennial Real Estate issues $170m notes at 5.95%

Some firm executives bought 26.4% of the entire issue.

Perennial Real Estate priced its $170m notes due 2020 at 5.95% as part of its $2b multicurrency debt issuance programme, an announcement revealed.

According to the firm, OCBC, UOB have been appointed as the joint lead managers and bookrunners for the notes. The notes are expected to be issued on 28 August and listed on the Singapore Exchange Securities Trading (SGX-ST) on 29 August.

Perennial said that the net proceeds from the issuance of the notes under the Programme will be utilised for refinancing of existing borrowings of the group.

Application will be made to the SGX-ST for the listing and quotation of the notes on the SGX-ST.

The associates of Perennial chairman Kuok Khoon Hong, vice chairman Ron Sim, and CEO Pua Seck Guan subscribed for an aggregate principal amount of the notes amounting to about 17.6%, 5.9%, and 2.9%, respectively, of the entire issue.

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