Hotel Properties prices 5-year notes at 5.1%

HOTEL Properties : H15 0% (HPL) has priced S$190 million in fixed-rate senior unsecured notes due May 3, 2029, at 5.1 per cent. Coupon payments will be made semi-annually in arrears on May 3 and Nov 3 each year.

The notes were issued under the hotel operator and property group’s S$1 billion multicurrency debt issuance programme dated March 3, 2017.

Net proceeds from the issuance will be used to finance working capital requirements and refinance existing borrowings, including redeeming the S$160 million 4.4 per cent perpetual securities the group issued.

DBS, OCBC and UOB were the joint bookrunners for the issue.