SINGAPORE – Frasers Property’s wholly owned subsidiary, Frasers Property Treasury (FPT), is redeeming $600 million fixed-rate subordinated perpetual securities.

It will be redeemed at $250,000 for every $250,000 in nominal amount of the perpetual securities, together with distribution accrued to, but excluding, April 11, said Frasers Property on March 11.

The perpetual securities were issued by FPT with a coupon of 4.98 per cent under the group’s $5 billion multi-currency debt programme established in January 2017.

The first tranche of $400 million was issued in April 2019 and the second tranche of $200 million was issued in July the same year.

On the redemption date of April 11, the global certificate will be presented and surrendered by the Central Depository to the issuing and paying agent.

“Upon the redemption of the perpetual securities, the perpetual securities will be cancelled thereafter and delisted from the Singapore Exchange Securities Trading,” the group noted.

Frasers Property shares closed 0.5 cent, or 0.6 per cent, higher at 84 cents on March 11. THE BUSINESS TIMES