Frasers Property Limited’s offer of its inaugural green retail notes received total valid applications amounting to around $689.3 million, or about 1.64 times of the initial offer.
Of the amount, Frasers received total valid applications for the public offer of around $444.3 million, representing a subscription rate of around 1.48 times based on the initial public offer size of $300 million.
The placement tranche received total valid applications amounting to about $245 million, or a subscription rate of 2.04 times based on the initial placement size of $120 million.
As such, the total final offer size was increased to $500 million from the initial $420 million, with the final public offer being $350 million and the final placement tranche at $150 million.
According to Frasers Property, all valid applications under the public offer will receive some allocation from the notes.
“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,” says Loo Choo Leong, group chief financial officer of Frasers Property.
The notes are expected to be issued on Sept 16 and will be redeemed on Sept 16, 2027. Noteholders will receive semi-annual interest payments on March 16 and Sept 16 in each year, commencing on March 16, 2023.
As at 10.30am, shares in Frasers Property are trading 2 cents lower or 1.91% down at $1.03.