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Mapletree Logistics Trust Prices SG$400 Million Perpetual Securities

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Mapletree Logistics Trust (SGX:M44U) has priced SG$400 million in subordinated perpetual securities at 3.5%, according to a Tuesday filing to the Singapore stock exchange.

Shares of the logistics real estate investment trust were down nearly 1% in Wednesday's trade.

The perpetual securities have no fixed redemption date. The initial distribution rate of 3.5% per annum applies from Aug. 12 through Aug. 12, 2031, after which the rate will reset.

Proceeds from the issuance will be used for general corporate and working capital.

The Series 015 Perpetual Securities are rated BBB- by Fitch.

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