Lendlease prices $473m issue of hybrid securities to repay debt

The news: Property investor Lendlease has priced a S400 million ($473 million) issue of perpetual subordinated hybrid securities to wholesale investors in the Singapore dollar fixed income market.

The numbers: Pricing has been set at a fixed distribution rate of 3.90% per year until the first optional redemption date in September 2030.

The Singapore dollar issue comes as Lendlease progresses broader activities in the region, including the $3.4 billion development of Comcentre in Singapore, due for completion in FY28.

The context: Net proceeds will be used to repay existing debt and for generate corporate purposes, the company said.