Mapletree Pan Asia Commercial Trust to issue S$150 million of green notes at 4.25%
Janice Lim
THE manager of Mapletree Pan Asia Commercial Trust (MPACT) said that the real estate investment trust (Reit) will be issuing S$150 million of senior green notes priced at a fixed rate of 4.25 per cent annually.
These notes, which are under its S$5 billion Euro Medium Term Securities Programme established in September 2022, will be issued on Mar 29, 2023 and mature on Mar 29, 2030.
The proceeds raised from this issuance will be used by MPACT and its subsidiaries to finance or refinance, in whole or in part, eligible green projects in accordance with the company’s green finance framework.
Ratings agency Moody’s has assigned a “Baa1” rating to these notes due to the company’s “strong operating performance through the years from a portfolio of good-quality assets in Singapore and North Asia, and track record of prudent financial management as demonstrated by its funding of acquisitions with a balanced mix of debt and equity”.
Moody added that MPACT’s credit quality is supported by its financially strong sponsor, Mapletree Investments, and that the Reit can leverage its sponsor’s operational track record, expertise and strong network of relationship banks.
DBS and OCBC have been appointed as joint lead managers and joint bookrunners for the issue of the notes.
Units of MPACT closed at S$1.75, down 1.1 per cent or S$0.02.
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