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Croesus Retail Trust sells S$60m of 5% notes due 2020

CROESUS Retail Trust has issued S$60 million of 5 per cent senior unsecured notes due 2020 at par as part of its US$500 million euro medium-term note programme.

The Japan-focused retail business trust said it will use the proceeds for financing or refinancing acquisitions and investments, and for major renovation works at existing properties.

The dollar proceeds from the debt issuance have been swapped into about 4.95 billion yen (S$61.2 million) at a forward exchange rate of 82.50 yen to S$1 at a fixed yen interest rate of 2.65 per cent.

Croesus shares closed at 82 Singapore cents on Wednesday before the announcement.

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