Ascott Residence Trust announces 3.07% reset rate for unredeemed perpetual securities

The next reset date is on 30 June 2025.

Ascott Residence Trust Management and Ascott Business Trust Management have announced a reset rate of 3.07% per annum (p.a.) for its $250m perpetual securities issued in 2015 that were not on its first call date, an SGX filing revealed.

“The reset distribution rate in respect of the period from (and including) the First Call Date, (being 30 June 2020) to (but excluding) the next reset date (being 30 June 2025) for the Securities is 3.07% pa”, the filing stated.

The securities were first launched at a distribution rate of 4.68% pa. The next distribution payment will be made on 30 June 2020. In its 29 May announcement in the SGX, Ascott Residence Trust stated that the reset distribution rate shall be determined based on the swap-offer rate plus the fixed spread per annum.