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HPL prices S$160 million perpetual securities at 5.5%

by Yurie Miyazawa
in Leadership
HPL prices S0 million perpetual securities at 5.5%
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The distribution rate will be reset on the first reset date of Oct 30, 2029, and every five years thereafter

HOTEL Properties Limited (HPL) has priced S$160 million in subordinated perpetual securities at 5.5 per cent under its S$1 billion multicurrency debt issuance programme.

The net proceeds arising from the issue of the securities will be used to refinance the existing borrowings and finance the working capital requirements of HPL and its subsidiaries, the group said on Wednesday (Oct 23). 

DBS, OCBC and UOB will be joint lead managers for the issue. 

Holders will receive distributions in arrears and may redeem the perpetual securities on the first reset date of Oct 30, 2029, or any distribution payment date falling after the first reset date.

The distribution rate will be reset on the first reset date and every five years thereafter. 

This will be at a rate equal to the Singapore Overnight Rate Average Overnight Indexed Swap and the initial spread of 2.863 per cent, plus the step-up margin of 1 per cent and the change of control event margin of 3 per cent. 

The perpetual securities are expected to be issued on Oct 30. Distributions will be paid twice a year in April and October. 

Shares of HPL closed flat at S$3.60 on Wednesday, before the announcement.

Tags: HPLMillionperpetualpricesS160Securities
Yurie Miyazawa

Yurie Miyazawa

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