Frasers Property subsidiary to redeem S$600 million perpetual securities

SINGAPORE: Frasers Property’s subsidiary, Frasers Property Treasury (FPT), is set to redeem S$600 million of fixed-rate subordinated perpetual securities.

The Business Times reported that this redemption will happen at S$250,000 for every S$250,000 in a nominal amount of the securities.

The coupon rate for these securities was 4.98% under a S$5 billion multicurrency debt programme launched in January 2017.

The issuance occurred in two tranches: the first tranche, S$400 million, was issued in April 2019, and the second tranche, S$200 million, was issued in July of the same year.

On April 11, the redemption date, the global certificate will be surrendered, marking the completion of the redemption process.

The Edge Singapore reports that investors holding perpetual securities can bring their global certificates to Frasers Property at #02-01 Millennia Tower.

Frasers Property confirmed that “upon the redemption of the perpetual securities, the perpetual securities will be cancelled thereafter and delisted from the Singapore Exchange Securities Trading.”

On Friday, March 8, Frasers Property’s shares concluded trading at 83.5 cents, marking a decrease of 0.5 cents or 0.6% from the previous session. /TISG

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