![[Update] Frasers Property to offer up to $420 mil worth of five-year fixed rate green notes with coupon rate of 4.49%](https://edgemarkets-transferred.s3-ap-southeast-1.amazonaws.com/default-pic_0_39_2.jpg?zTFiUxDmeIpPF3WLLS1Nk5QpVRfVNZ83)
Frasers Property is proposing to offer up to $375 million of five-year fixed rate green notes under its $5 billion multicurrency debt issuance programme. The offer comes with an upsize option of up to $650 million.
The notes, which are intended to be listed on the Mainboard of the SGX-ST, will be issued by the group’s wholly-owned subsidiary, Frasers Property Treasury and guaranteed by Frasers Property.
The proposed offer includes a placement to institutional investors and relevant persons, as well as a public offer tranche that will be open to retail investors in Singapore.
The notes, which will be issued in denominations of $1,000, with the issue price being 100% of the principal amount of the green notes, will mature in 2027.
Applications for the placement tranche for specified investors must be in multiples of $250,000, subject to a minimum subscription of $250,000. The public offer tranche for retail investors will have a minimum subscription of $1,000. Applications for the public offer tranche must be in multiples of $1,000.
A bookbuilding process with institutional investors and relevant persons will commence shortly.
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DBS Bank, Oversea-Chinese Banking Corporation (OCBC) and United Overseas Bank are the joint lead managers and bookrunners of the offer.
As at 11.16am, shares in Frasers Property are trading flat at $1.06.
/Update
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Frasers Property, after markets closed on Sept 8, has launched up to $420 million worth of five-year green notes. Of the amount, $300 million will be offered to retail investors, while up to $120 million will be offered to institutional and other investors.
The notes, which are Singapore's first corporate green retail notes, come with a coupon rate of 4.49% per annum (p.a.) with semi-annual payments.
The public offer opens from 9am on Sept 9 and closes at 12pm on Sept 14.
“We hope the introduction of this inaugural corporate green retail notes issuance in Singapore will help further fuel interest from both retail and institutional investors in green finance. Frasers Property Group has been achieving GRESB recognition for our portfolio of property assets as well as property development. Proceeds from this issuance will help us to finance our sustainable property assets," says Loo Choo Leong, group chief financial officer of Frasers Property.
