Frasers Logistics and Commercial Trust issues $100m 2.45% notes

Trading starts on 18 August 2025.

Frasers Logistics and Commercial Asset Management Pte. Ltd., manager of Frasers Logistics & Commercial Trust (FLCT), announced that FLCT Treasury Pte. Ltd., a wholly-owned subsidiary of FLCT’s trustee, has issued $100m of 2.45% fixed rate notes due 2034 (Series 003 Notes).

The notes, issued under FLCT’s $1b multicurrency debt issuance programme, are guaranteed by the FLCT Trustee and may be redeemed early by the issuer at a make-whole amount plus accrued interest.

Oversea-Chinese Banking Corporation Limited is the sole lead manager. Fitch Ratings assigned the notes a “BBB+” rating.

Approval-in-principle for listing on the Singapore Exchange (SGX-ST) has been received.

The notes are expected to start trading at 9:00 a.m. on 18 August 2025.

The notes include a condition covering a change of control at FLCT.

If the manager resigns or is removed without a replacement, it could trigger defaults on other FLCT borrowings totaling about $2.54b, excluding interest and the Series 003 Notes.