Cambridge Industrial Trust refinances debt; S$55m 3.5% notes 1.4 times subscribed

CAMBRIDGE Industrial Trust, a real estate investment trust (Reit) with 50 industrial properties, will be refinancing S$50 million of 4.75 per cent debt maturing in March 2015 with S$55 million of 3.5 per cent debt maturing November 2018.

The issue, which was 1.4 times subscribed, is part of its S$500 million multicurrency medium term note (MTN) programme.

Said Philip Levinson, chief executive officer of the Reit's manager: "With the latest issuance, close to 90 per cent of our interest rate exposure is fixed for the next 2.5 years, lengthening our average debt maturity to 2.6 years and bringing our all-in cost of debt to 3.55 per cent per annum on a proforma basis."