Water company Hyflux is offering up to $300 million in perpetual capital securities.
The issue price of the securities is set at $1 each with a distribution payment rate of 6% per annum.
Hyflux says $230 million worth of the securities will be made available to the public for subscription, another $20 million will be set aside for directors, management and employees of the company and its subsidiaries while the remaining $50 million will be set aside for institutional and other investors.
In the event of an oversubscription, Hyflux may increase the size of the perp securities offering to a maximum of $500 million.
Distributions will be payable semi-annually in arrear on May 27 and Nov 27 of each year, with the first payment of distributions being scheduled to be made on Nov 27 this year and the last being Nov 27, 2019 before the distribution rate undergoes a reset or step-up from May 27, 2020.
DBS Bank is the sole lead manager and bookrunner of the offer.
Hyflux is the latest company to raise fund through a debt issue. On Monday night, Mapletree Logistics Trust announced it was issuing $250 million in fixed-rate perpetual securities carrying a distribution rate pf 4.18% per annum..
Hyflux closed 3.45% lower at 56 cents on Monday.
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The issue price of the securities is set at $1 each with a distribution payment rate of 6% per annum.
Hyflux says $230 million worth of the securities will be made available to the public for subscription, another $20 million will be set aside for directors, management and employees of the company and its subsidiaries while the remaining $50 million will be set aside for institutional and other investors.
In the event of an oversubscription, Hyflux may increase the size of the perp securities offering to a maximum of $500 million.
Distributions will be payable semi-annually in arrear on May 27 and Nov 27 of each year, with the first payment of distributions being scheduled to be made on Nov 27 this year and the last being Nov 27, 2019 before the distribution rate undergoes a reset or step-up from May 27, 2020.
DBS Bank is the sole lead manager and bookrunner of the offer.
Hyflux is the latest company to raise fund through a debt issue. On Monday night, Mapletree Logistics Trust announced it was issuing $250 million in fixed-rate perpetual securities carrying a distribution rate pf 4.18% per annum..
Hyflux closed 3.45% lower at 56 cents on Monday.
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