- 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 ......