OUE C-Reit prices S$100 million offering of 4% notes due 2025
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Annabeth Leow
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OUE Commercial Real Estate Investment Trust (OUE C-Reit) has priced an offering of S$100 million of 4 per cent notes due 2025, to be guaranteed by Reit trustee DBS Trustee.
Net proceeds from the issuance will be used to refinance Reit borrowings, the manager said.
OCBC and Standard Chartered were named joint lead managers and bookrunners for the notes offering, which will be issued under OUE C-Reit's S$2 billion multi-currency debt scheme, the manager added in a bourse filing on Monday night.
The notes will mature on June 24, 2025, with the interest to be paid semi-annually, although the issuer can redeem them all on any interest payment date, among other redemption scenarios.
They constitute direct, unconditional, unsubordinated and unsecured obligations of the issuer and will rank pari passu with all of its other unsecured obligations, besides the subordinated obligations and priorities created by law.
OUE C-Reit units closed at S$0.39 on Monday, down by S$0.01 or 2.5 per cent, before the news.
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