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LENDLEASE GROUP — Capital/Financing Update 2025
Sep 22, 2025
65243_rns_2025-09-22_f108c96e-05a1-4a28-9854-b20aeabe628c.pdf
Capital/Financing Update
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23 September 2025
Lendlease prices S$400m hybrid securities
Lendlease today announced it has successfully priced a S$400 million issue of perpetual subordinated hybrid securities to wholesale investors in the Singapore dollar fixed income market, with the offer oversubscribed.
Pricing has been set at a fixed distribution rate of 3.90% per annum until the first optional redemption date in September 2030.
Net proceeds will be used to repay existing debt and for general corporate purposes.
This transaction represents an important component of the Group’s ongoing capital management strategy, enhancing financial flexibility and broadening funding sources as Lendlease continues to execute on its corporate strategy and progresses planned capital recycling initiatives.
The Singapore dollar issue complements Lendlease’s broader activities in the region, including the A$3.4 billion development of Comcentre in Singapore, due for completion in FY28.
The issue also provides flexibility as the Group seeks to realign the currency mix of its funding sources, with ~A$600 million of US$ denominated financing maturing in May 2026 and ~A$350m of S$ denominated financing maturing in April 2027.
The hybrid securities are expected to be classified as equity for accounting purposes. The key terms of the securities are attached to this release.
ENDS
FOR FURTHER INFORMATION, PLEASE CONTACT:
Investors: Media: Michael Vercoe Tessie Vanderwert Head of Investor Relations General Manager, Corporate Affairs Mob: +61 488 245 205 Mob: +61 428 483 828 [email protected] [email protected]
Authorised for lodgement by the Lendlease Group Disclosure Committee
Lendlease Corporation Limited ABN 32 000 226 228 and Lendlease Responsible Entity Limited ABN 72 122 883 185 AFS Licence 308983 as responsible entity for Lendlease Trust ABN 39 944 184 773 ARSN 128 052 595
Level 14, Tower Three, International Towers Sydney, Exchange Place, 300 Barangaroo Ave, Barangaroo NSW Australia Telephone +61 2 9236 6111 | Facsimile +61 2 9252 2192 | www.lendlease.com
| Key terms | |
|---|---|
| Issuer | •Lendlease Asia Treasury Pte. Ltd. |
| Guarantors | •Consistent with the Group’s existing bond issues |
| Issue size and settlement | •S$400 million•Settlement expected to occur on 30 September 2025,subject to customary closing conditions |
| Ranking | •Subordinated and unsecured |
| Maturity date | •None – perpetual |
| Issuer redemption dates | •Year 5 and any distribution payment date thereafter•Other early call rights in certain limited circumstances |
| Distributions | •Distribution rate fixed at 3.90% p.a. until year 5•If not redeemed on or before year 5, a 200bps step-upapplies, along with a reset of the underlying base rate•Payable semi-annually in arrear, at the discretion of theIssuer |
| Dividend stopper | •If any distribution is deferred or the hybrid securities have notbeen redeemed on or before year 5, the Issuer andGuarantors must not make any discretionary payments onequity or parity obligations (subject to certain exceptions) |
| Holder redemption rights | •None |
| Conversion rights | •None |
| Financial covenants | •None |
| Change of control | •Issuer redemption right (101%), or a 200bp distributionstep-up if not redeemed |
| Listing | •SGX (wholesale listing) |
Lendlease Corporation Limited, ABN 32 000 226 228 Level 14, Tower Three, International Towers Sydney, Exchange Place, 300 Barangaroo Ave, Barangaroo NSW www.lendlease.com