Lippo Malls Indonesia Retail Trust priced S$120.0 million of 6.60% subordinated perpetual securities to be issued under its S$1.00 billion euro medium-term securities program.
The securities, which will be issued by HSBC Institutional Trust Services (Singapore) Ltd., will carry a reset distribution rate equal to the prevailing five-year Singapore-dollar swap offer rate, plus an initial spread of 4.755%. With a Dec. 19, 2022, due date, the issuer has the option to redeem the securities in whole, but not in part, on any distribution payment date.
Application for the permission to deal in and quotation of the securities will be made to the Singapore Exchange Securities Trading Ltd.
CIMB Bank Bhd. Singapore Branch and J.P. Morgan (S.E.A.) Ltd. serve as joint lead managers and joint book runners of the issuance.
As of June 12, US$1 was equivalent to S$1.38.