- New Frasers Centrepoint Limited (FCL) SGD Perpetual announced – Deal is significantly anchored, potentially giving substantial holding to related parties – Initial price guidance: 4.88% – Issue Size: > $3.5 bil – Structure: Perp NC 5, reset in year 5, step up 100bp in year 10, dividend pusher & stopper, deferred distributions are cumulative and compounding Issuer: FCL Treasury Pte. • Guarantor: Frasers Centrepoint • Unrated • Reg S benchmark • Call option: 2019 & at every distribution date after at par • Distribution: Fixed. Reset in Year 5 based on prevailing SGD 5Y SOR plus the initial spread & every 5 years thereafter • Step-up: 100bps in year 10 • Distribution Deferral: At issuer’s discretion. Any deferred distributions are cumulative and on a compounding basis • Dividend pusher: Yes, with 6 month look back period • Dividend stopper: Yes Straightforward deal unless you were one of ......