Mapletree logistics REIT prices SGD180 million fixed rate perpetual securities

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Singapore-listed Mapletree Logistics Trust has priced SGD180 million fixed rate perpetual securities under the REIT’s SGD3 billion Euro medium term securities programme.

Gross proceeds arising from the issue of the securities will be used for partial refinancing of the redemption of the SGD350 million 5.375% perpetual securities issued in 2012, and called on 19 September 2017.

“The offering of the securities was very well received with orders worth over SGD1.2 billion, being a subscription rate of approximately 6.7 times from high quality investors”, said the REIT in a statement on the programme.

“This allowed for a strong price compression from the initial price guidance of 4% per annum”, the REIT added.

The securities will be issued in denominations of SGD250,000, and will be perpetual.

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Ridzwan Rahmat has been analysing Singapore-listed REITs and business trusts, since 2008. For disclosure purposes, Ridzwan is currently vested in Mapletree Greater China Commercial Trust, Mapletree Industrial REIT and Mapletree Logistics Trust.

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