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CapitaLand plans S$500M perpetual notes issuance under S$5B shelf

CapitaLand Ltd.'s CapitaLand Treasury Ltd. subsidiary intends to issue S$500.0 million of subordinated perpetual notes Oct. 17.

CapitaLand Treasury will issue the notes under the S$5.00 billion euro medium-term note program it established April 29.

The Singapore-based property group noted in an Oct. 10 news release that it plans to use the net proceeds arising from the issuance to refinance existing borrowings, finance investments and for general corporate expenditures.

DBS Bank Ltd. is the sole global coordinator for the offering. The bank will also serve as joint lead managers and joint book runners for the notes along with Oversea-Chinese Banking Corp. Ltd. and United Overseas Bank Ltd.

As of Oct. 10, US$1 was equivalent to S$1.38.