NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 December 2021 41. PERPETUAL CAPITAL SECURITIES In March 2021, the Company issued an aggregate principal amount of S$200,000,000 perpetual resettable step-up subordinated securities under the US$2,000,000,000 Multicurrency Debt Issuance Programme. In June 2021, the Company issued a further tranche for an aggregate principal amount of S$150,000,000, bringing the aggregate total amount to S$350,000,000. The distribution rate is 5.65% per annum, with the first distribution rate resets falling on 2 March 2026 and subsequent resets occurring every five years thereafter. Distributions are payable semi-annually in arrears. Subject to the relevant terms and conditions in the supplemental offering circular dated 23 February 2021, the Company may elect to defer making distributions on the perpetual capital securities and is not subject to any limits as to the number of times a distribution can be deferred. The perpetual capital securities may be redeemed at the option of the Company, on 2 March 2026 or on any distribution payment date thereafter, on giving not less than 30 nor more than 60 days’ irrevocable notice in accordance with the terms and conditions of the issuance. The perpetual capital securities are classified as equity instruments and recorded in equity in the consolidated statement of financial position. Movements of the perpetual capital securities are as follows: Principal Distribution Total US$’000 US$’000 US$’000 At 1 January 2020 97,379 – 97,379 Profit attributable to holders of perpetual capital securities – 4,125 4,125 Distribution to holders of perpetual capital securities – (4,125) (4,125) Redemption of perpetual capital securities (97,379) – (97,379) At 31 December 2020 and 1 January 2021 – – – Issuance of perpetual capital securities 260,197 – 260,197 Direct issue costs attributable to the perpetual capital securities (3,879) – (3,879) Profit attributable to holders of perpetual capital securities – 10,664 10,664 Distribution to holders of perpetual capital securities – (5,835) (5,835) At 31 December 2021 256,318 4,829 261,147 R E A C H I N G N E W H E I G H T S 224
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