CDL Hospitality Real Estate Investment Trust announced on Nov, 10 2025 that its trustee, DBS Trustee Limited, has priced 150 million Singapore dollars worth of 3.70 per cent subordinated perpetual securities under its 1.5 billion Singapore dollar multicurrency debt issuance programme.

The securities, designated Series 001, carry no fixed maturity date. They will pay a 3.70 per cent distribution per annum from Nov, 18 2025 to Nov, 18 2030, after which the rate resets every five years to the prevailing five-year SORA OIS plus a 2.148 percentage-point spread. Distributions are scheduled semi-annually on May 18 and Nov 18 and are non-cumulative and discretionary.

The issuer may redeem all of the securities on the first reset date or on any subsequent distribution payment date, as well as upon certain specified events. The notes constitute direct, unsecured and subordinated obligations ranking pari passu with the issuer’s other parity obligations.

Net proceeds will be used to repay existing borrowings of the trust and to on-lend funds to CDL Hospitality Business Trust for the same purpose. DBS Bank Ltd. acted as sole global coordinator and joint lead manager, while Oversea-Chinese Banking Corporation Ltd. served as joint lead manager.

The perpetual securities are expected to be issued on Nov, 18 2025 and listed on the Singapore Exchange the following business day, subject to approval in-principle from the exchange.