They will carry a coupon of 2.90% per annum, with no fixed redemption date.
The first reset of the distribution rate will be on Sept 16, 2026, with subsequent resets once every five years thereafter.
The initial spread is 2.097% and the step-up margin is 1.00% per annum.
The distributable will be payable semi-annually in arrear.
See also: Manulife US REIT secures two-year lease renewal with US Treasury, increasing WALE to 2.3 years
DBS Bank, Oversea-Chinese Banking Corporation (OCBC) and UOB were appointed joint bookrunners and lead managers.
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Shares in Keppel Corporation closed flat at $5.24 on Sept 7.
