Frasers : BUOU 0% Logistics & Commercial Trust : BUOU 0% (FLCT) is offering S$175 million in fixed rate notes due 2029 at 3.83 per cent, its manager said on Wednesday (Mar 20).

They will be issued on Mar 26 under the real estate investment trust’s S$1 billion multicurrency debt issuance programme.

The notes have been assigned a “BBB+” rating by S&P Global Ratings.

Net proceeds from the offering will be used to refinance existing borrowings or fund acquisitions, which may include FLCT’s proposed acquisition of an 89.9 per cent interest in four logistics assets in Germany, previously announced on Mar 15.

They may also be used for investments, asset enhancement works and developments, as well as for working capital requirements and general corporate purposes, the manager said.

DBS and OCBC have been appointed as joint lead managers and bookrunners for the Series 002 notes.

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FLCT’s counter ended 1 per cent or S$0.01 lower at S$1.01 on Tuesday.