According to the group, the decision to do so was influenced by the issuer’s longer-term interests and the current macroeconomic and interest rate environments. In addition, the decision was attributed to the diversification of sources of funding as well as the current market conditions for the issuance of similar yielding perpetual securities.
The distribution rate of the securities will only be eligible for reset on Jan 17, 2028, and each date falling every 10 years after the first reset date.
If the perpetual securities have not been redeemed, the distribution rate will be reset on the first reset date to the reset distribution rate, which will include the initial spread and step-up margin.
Shares in Frasers Property closed 3 cents lower or 3.21% down at 90.5 cents on Dec 16.
