CDL Hospitality Real Estate Investment Trust and CDL Hospitality Business Trust announced the pricing of 100 million Singapore dollars of 4.00% subordinated perpetual securities (Series 002) under their 1.5 billion Singapore dollars multicurrency debt issuance programme, which was established on Nov, 05 2025. The securities are scheduled to be issued on Feb, 20 2026, with DBS Bank, Oversea-Chinese Banking Corporation and United Overseas Bank acting as joint lead managers.

The securities are perpetual instruments with no fixed redemption date. They will carry a 4.00% distribution rate from Feb, 20 2026 to Aug, 20 2031, after which the rate will reset every five years to the prevailing five-year SORA OIS plus an initial spread of 2.183%. Distributions are payable semi-annually on Feb, 20 and Aug, 20, and are non-cumulative and deferrable at the issuer’s discretion.

The issuer may redeem all of the securities on Aug, 20 2031 or on any subsequent distribution payment date, as well as upon certain specified events.

Net proceeds from the offering will be used to repay existing borrowings. The perpetual securities will be offered under Regulation S outside the United States and in Singapore to institutional and accredited investors under Sections 274 and 275 of the Securities and Futures Act.

An application will be made to list and quote the securities on the Singapore Exchange Securities Trading Limited, with listing expected on the business day following issuance.