• Issues S$600 million principal amount of 3.70% perpetual securities

SINGAPORE – Mapletree Investments Pte Ltd (“Mapletree” or “the Group”)  is pleased to announce that its wholly-owned subsidiary, Mapletree Treasury Services Limited (the “Issuer”), has launched and priced S$600 million principal amount of 3.70% perpetual securities (the “Securities”), to be issued pursuant to its US$5 billion Euro Medium Term Note Programme (“EMTN Programme”). The Securities is the first subordinated fixed for life perpetual issuance in the SGD market, and will be unconditionally and irrevocably guaranteed by Mapletree.

Mapletree received orders in excess of S$1.0 billion, with participation from about 60 high quality investors, albeit being a new perpetual structure in the SGD market.  

The Securities, which will be issued in denominations of S$250,000, will be perpetual, first callable at the Issuer’s option on 12 August 2024. It will confer the right to receive distribution payments at a rate of 3.70% per annum and has no coupon reset or step-up margin. The distribution will be payable semi-annually in arrears on a discretionary basis and will be cumulative in accordance with the terms and conditions of the Securities.

Proceeds from the offering of the Securities will be used by the Group for general corporate purposes.

Ms Wendy Koh, Group Chief Financial Officer of Mapletree said, “Despite the current, challenging climate brought about by Covid-19, we went ahead to launch this first subordinated fixed for life perpetual securities in the SGD market. We are glad that it was well received by investors from both the institutional and high net worth investors. The success is a testament of investors’ recognition of Mapletree’s brand, strong credit and proven financial track record. The Securities issuance will further strengthen Mapletree’s balance sheet and financial flexibility as the Group continues to grow our business globally to deliver consistent high returns to our stakeholders.”

DBS Bank Ltd., HSBC and OCBC are joint lead managers for the offering.

Application will be made to the Singapore Exchange Securities Trading Limited (the “SGX-ST”) for permission to deal in, and for a quotation of, the Securities. Admission to the Official List of the SGX-ST and quotation of the Securities on the SGX-ST are not to be taken as an indication of the merits of the Issuer, Mapletree, the EMTN Programme or the Securities.