The Business Times

Ascendas Reit's multicurrency medium term note programme limit raised

Published Mon, Mar 2, 2015 · 12:14 AM

ASCENDAS Funds Management (S) Limited on Monday said that the maximum aggregate principal amount of notes that may be issued under the multicurrency medium term note programme has been increased from S$1 billion to S$5 billion.

The manager of Ascendas Real Estate Investment Trust (A-Reit) said that this is with effect from March 2.

The net proceeds arising from the issue of the notes (after deducting issue expenses) will be used towards financing or refinancing the acquisitions and/or investments of A-Reit and any development and asset enhancement works initiated by A-Reit or any trust, fund or entity in which A-Reit has an interest.

The funds will also go towards on-lending to any trust, fund or entity in which A-Reit has an interest; financing the general working capital purposes of A-Reit and its subsidiaries (if any); and refinancing the existing borrowings of the group.

Singapore Exchange Securities Trading Limited has given in-principle approval for the increase in the size of the programme.

A-Reit's trustee, HSBC Institutional Trust Services (S) Limited, had established the programme on March 20, 2009.

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