15 Sep 2022
Unless otherwise defined, all capitalised terms shall have the same meanings ascribed to them in the Offering Circular dated 26 August 2022 (the “Offering Circular”) and the Pricing Supplement issued by the Issuer on 8 September 2022 relating to the Notes (the “Pricing Supplement”).
SINGAPORE, 15 SEPTEMBER 2022
Frasers Property Limited (“Frasers Property”, and together with its subsidiaries, the “Frasers Property Group” or the “Group”) today announced that the offer of its inaugural green retail notes (the "Notes”), which are also Singapore’s first corporate green retail notes, by its wholly-owned subsidiary, Frasers Property Treasury Pte. Ltd. (“FPTPL” or the “Issuer”), has attracted strong interest from investors.
The Public Offer was opened for subscription at 9.00 a.m. on 9 September 2022 and closed at 12 noon on 14 September 2022. Total valid applications received for the Public Offer amounted to about S$444.3 million, representing a subscription rate of approximately 1.48 times based on the initial Public Offer size of S$300 million. The Placement tranche received total valid applications amounting to about S$245 million, representing a subscription rate of 2.04 times based on the initial Placement size of S$120 million. Overall, the total valid applications amounting to about S$689.3 million represent a subscription rate of about 1.64 times of the initial Offer.
As a result of the oversubscription for the initial offer, the total final offer size was, after consultation with DBS Bank, OCBC Bank and UOB, the Joint Lead Managers and Bookrunners of the Offer, increased from the initial S$420 million to S$500 million. As such, the final Public Offer is S$350 million and the final Placement tranche is S$150 million. All valid applications under the Public Offer shall receive at least some allocation of the Notes.
Mr Loo Choo Leong, Group Chief Financial Officer of Frasers Property, commented, “We are pleased to receive such strong investor interest in our inaugural green note issuance. We would like to thank investors for their support in our journey as we continue to build a green and sustainable portfolio of properties and projects across our business value chain.”
Unless previously redeemed or purchased and cancelled, the Notes will be redeemed on 16 September 2027. Noteholders will receive semi-annual interest payments on 16 March and 16 September in each year, commencing on 16 March 20231.
The bonds are expected to be issued on 16 September 2022 and will commence trading on the Main Board of the Singapore Exchange Securities Trading Limited (the “SGX-ST”) at 9.00 a.m. on 19 September 2022 under the trading name “FPTREA S$650M4.49%B270916”. For the purposes of trading on the Main Board of the SGX-ST, each board lot of bonds will comprise S$1,000 in principal amount of the bonds. The SGX-ST stock code for the bonds is “EHZB”..
Approval in-principle from the SGX-ST has been obtained for the listing of and quotation for the Notes on the Main Board of the SGX-ST. Approval in-principle granted by the SGX-ST and the listing of and quotation for the Notes are not to be taken as an indication of the merits of the Issuer, Frasers Property, their respective subsidiaries (if any), their respective associates (if any), the Programme or the Notes.
1 In the event that the interest payment date does not fall on a business day, interest payment will be made on the following business day.
IMPORTANT NOTICE: RISKS ASSOCIATED WITH INVESTING IN NOTES
When you invest in a Note, you are essentially lending money to the Note issuer. One key risk is the issuer defaulting on its interest payments or principal repayment to you. Market, business, legal and regulatory risks may affect the issuer’s ability to pay you the Note’s interest, or to repay the principal amount, for as long as you own the Note. Do note that there is no certainty that Frasers Property Limited, as Guarantor, will always remain solvent and able to fulfil its obligations under the guarantee. Other risks such as interest rate and market liquidity risks may affect the price that you can sell the Note for, or your ability to sell in the market if you choose to sell the Note before maturity. Please read the section “Risk Factors” of the Offering Circular for a description of other key risks. If you have further questions, please seek financial or other professional advice before you invest.
The information in this document is qualified in its entirety by, and should be read in conjunction with, the full text of the Offering Circular, the Pricing Supplement and the product highlights sheet disseminated on SGXNet on 8 September 2022 (the “Product Highlights Sheet”) (which prevail in the event of any ambiguity or discrepancy, or omission in this document). The information in this document, the Offering Circular, the Pricing Supplement and the Product Highlights Sheet should be read as of their respective dates, unless otherwise specified or the context requires otherwise. Prior to making any investment decision, prospective investors in the Notes should consider carefully all of the information in the Offering Circular, including any documents incorporated by reference and the risks and uncertainties described therein. Terms used but not defined herein should have the meanings given to them in the Offering Circular and the Pricing Supplement.
This document is not, and does not purport to be, investment advice. Prospective investors should also consult their own legal, tax, accounting, financial and other professional advisers to assist them in determining the suitability of the Notes for them as an investment. Prospective investors should make an investment only after they have determined that such investment is suitable for their financial investment objectives. Prospective investors should consider carefully whether the Notes are suitable for them in light of their experience, objectives, financial position and other relevant circumstances.
This document is not a prospectus nor does it constitute an invitation or offer to acquire, purchase or subscribe for the Notes. This document may not be forwarded or distributed to any other person and may not be reproduced in any manner whatsoever, and in particular, may not be forwarded to any United States address. Any forwarding, distribution or reproduction of this document in whole or in part is unauthorised. Failure to comply with this may result in a violation of the Securities Act or the applicable laws of other jurisdictions.
This document is for information only and this document does not constitute nor form part of, and should not be construed as, any offer, solicitation or invitation to sell, issue or subscribe for securities in the United States or any other jurisdiction where it is unlawful to do so. The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any state of the United States or other jurisdiction and the Notes may not be offered or sold within the United States except pursuant to an exemption from, or a transaction not subject to, the registration requirements of the Securities Act. Neither this document nor any copy or portion of it may be sent or taken, transmitted or distributed, directly or indirectly, into the United States or into any jurisdiction where to do so is unlawful. Any failure to comply with these restrictions may constitute a violation of the United States securities law or the applicable laws of any such other jurisdiction. The Notes will only be offered and sold outside the United States in accordance with Regulation S under the Securities Act.
This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.