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Home Media News Releases Link REIT Issues Green Convertible Bonds, a First for Real Estate Sector Worldwide and Hong Kong Issuers
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Link Asset Management Limited (“Link Asset Management”), as manager of Link Real Estate Investment Trust (“Link”; Hong Kong stock code: 823), announced today (Friday) that Link successfully priced its green convertible bonds (the “Bonds”) due 2024, raising HK$4 billion at 1.6% p.a., the lowest coupon rate achieved by Asian REITs over the past five years. Underscoring Link’s commitment to sustainable development, the green convertible bond issue marks the first ever green convertible bond globally in the real estate sector and for Hong Kong issuers.

The Bonds, which were allocated to a balanced mix of Asian and European investors, are convertible in the circumstances set out in their terms and conditions into Link’s new units at an initial conversion price of HK$109.39 per unit (subject to adjustments). The Bonds have received an “A” rating from S&P. Application will be made for the listing of the Bonds and the units to be issued upon conversion of the Bonds on the Stock Exchange of Hong Kong.

The proceeds will be used to refinance or fund Link’s existing and future eligible green projects under its Green Finance Framework which has received second opinion by Sustainalytics and the Hong Kong Quality Assurance Agency.

George Hongchoy, Chief Executive Officer of Link Asset Management, said, “Sustainability is an integral part of Link’s business model. We endeavour to enhance the long-term value of our portfolio with green efforts. As a signatory of the Principles of Responsible Investment and member of the United Nations Environment Programme we are delighted to work with like-minded investors to promote and improve corporate sustainability performance as well as build thriving, low-carbon communities.”

“The convertible bond issue will help replenish our maturing facilities, diversify our funding sources and expand our investor base. I am pleased that Link has become the first real estate issuer globally and the first Hong Kong issuer to issue a green convertible bond, and that the issue was well received by international investors, particularly global green investors,” he added.

The issue reflects Link’s continuous efforts to connect its corporate sustainability initiatives and capital markets. In July 2016, Link issued the first green bond in Hong Kong, making it the first property issuer tapping green financing in Asia Pacific.

Assuming there is no other change in Link’s existing unitholding and full conversion of the Bonds at the initial conversion price of HK$109.39 per unit, a maximum of 36,566,414 new units will be issued, representing approximately 1.70% of the number of units in issue as enlarged by the issue of the new units.

HSBC and J.P. Morgan are the joint lead managers for the convertible bond issuance.

More details about the issue are available in the announcement on the HKEXnews website.


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