Keppel prices 325 million Singapore dollars perpetual securities at 3.30%

SGX Filings

Jun 04

Keppel Ltd. announced the pricing of 325 million Singapore dollars in fixed-rate subordinated perpetual securities under its 5 billion US dollars multi-currency debt issuance programme.

The securities will be issued at par in denominations of 250,000 Singapore dollars and are scheduled to be issued on Jun, 11 2026. They carry a 3.30% distribution rate until Jun, 11 2029, after which the rate will reset every three years to the prevailing three-year SORA OIS plus an initial spread of 1.62% and a step-up margin of 1.00%. Distributions are payable semi-annually in arrears and are cumulative.

Keppel may redeem the securities in whole on the first call date of Jun, 11 2029 or on any subsequent distribution payment date, as well as upon specified redemption events, at 100% of principal plus accrued distributions.

DBS Bank, Oversea-Chinese Banking Corporation and United Overseas Bank are joint bookrunners and lead managers. Net proceeds will be used for general corporate and working capital purposes, including the refinancing of existing debt and debt securities.

Keppel plans to list the new securities on the Singapore Exchange, subject to SGX-ST approval.

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