Cache Logistics Trust issues S$1b notes programme

CACHE Logistics Trust said its trustee HSBC Institutional Trust Services (Singapore) Limited has issued a S$1 billion multi-currency debt issuance programme on behalf of the trust on Nov 30.

DBS Bank Ltd has been appointed to act as the sole arranger and dealer of the programme.

The notes and the coupons of all series shall constitute direct, unconditional, unsubordinated and unsecured obligations of the issuer, without any preference or priority among themselves, and ranked equally with all other present and future unsecured obligations.

The net proceeds arising from each issue of securities under the programme will be used for general corporate purposes.

Cache Logistics Trust had in October posted a distribution per unit (DPU) of 1.541 Singapore cents for the third quarter ended Sept 30, a 12.8 per cent decline from a year ago, due mainly to a lower income from operations and an enlarged number of units in the issue due to a recently completed rights issue.

Stripping out the impact of the rights units and bonus element of the rights issue, its DPU of 1.818 cents would be marginally lower than last year's 1.847 cents.