Distribution under the securities will be payable semi-annually in arrear on April 30 and Oct 30 each year, and is set to commence on April 30, 2025. Any distribution unpaid in accordance with the conditions of the securities are expected to be cumulative.
DBS Bank, Oversea-Chinese Banking Corporation Limited and United Overseas BankLimited have been appointed as joint lead managers of the issuance of the securities.
According to the group, net proceeds from the securities are set to go towards refinancing existing borrowings and financing working capital requirements of the group and its subsidiaries.
The securities are expected to be issued on Oct 30, subject to the satisfaction of customary closing conditions.
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Shares in Hotel Propertiesclosed flat at $3.60 on Oct 23.
