OUE C-Reit prices S$150 million offering of 3.95% notes due 2026

OUE Commercial Real Estate Investment Trust (OUE C-Reit) has priced an offering of S$150 million of 3.95 per cent notes due 2026, to be guaranteed by Reit trustee DBS Trustee.

Net proceeds from the issuance will be used to refinance existing borrowings and working capital requirements, the manager said in a bourse filing on Tuesday night.

CIMB Singapore, DBS, 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.

The notes will mature on June 2, 2026, with the interest to be paid semi-annually. The issuer can redeem all notes - at its option - 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 flat S$0.39 on Monday, before the news.

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