Cambridge Industrial Trust's S$100m 4-year bonds sold at 3.50%
CAMBRIDGE Industrial Trust (CIT) has on Wednesday sold S$100 million four-year senior unsecured bonds, said the Royal Bank of Scotland.
Orders were in excess of S$165 million allowing the company to price it at 3.50 per cent from the initial price guidance of 3.75 per cent, said RBS, the sole lead manager and bookrunner.
The transaction is the largest ever debt sold by CIT, Singapore's first independent industrial Reit, and followed a comprehensive deal roadshow earlier in the week, RBS said.
Winston Tay, RBS director and head of bond syndicate South-east Asia said the bank is "extremely pleased with the robust order book and the large number of orders from both insurance and asset managers".
"This is a testament to the strong credit strength of the company."
The bond issuance was to refinance existing borrowings at very competitive levels, and further diversify funding sources, he said.
Proceeds from this issue will also enable the issuer to carry on CIT's expansion in Singapore and the region.
At its Q3 results last week, Philip Levinson, chief executive of the Reit manager said while Singapore remains its core market, CIT will continue to seek quality and yield-accretive properties in Australia, Japan and Malaysia.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
BNP weighing up to 150 job cuts in Geneva to slash costs
Bitcoin’s wild price swings point to the rising influence of ETF buyers
Paramount will let exclusive talks with Skydance lapse: NYT
Citi says European authorities are scrutinising 2022 flash crash
Tech platforms make pitch for ad deals as TikTok is roiled by politics
Expedia shares sink as vacation rental weakness fuels revenue forecast trim