Suntec Reit prices new S$200m 7-year notes at 2.95%
Fiona Lam
SUNTEC Real Estate Investment Trust (Suntec Reit) has launched S$200 million worth of new notes, to be issued under the US$1.5 billion euro medium-term note programme.
The notes are due in 2027 and will carry a coupon fixed at 2.95 per cent per annum, Suntec Reit said on Wednesday night.
Net proceeds from the issue will be used by Suntec Reit and its subsidiaries to finance or refinance acquisitions and/or investments. They will also go into funding any asset enhancement works, refinancing existing borrowings and for general corporate purposes.
The notes are expected to be issued at par on Feb 5, in denominations of S$250,000. They will be listed on the Singapore Exchange.
They are unconditionally and irrevocably guaranteed by Suntec Reit's trustee, HSBC Institutional Trust Services (Singapore).
DBS Bank and OCBC are the joint lead managers and bookrunners for the deal.
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Units of Suntec Reit gained S$0.01 or 0.5 per cent to close at S$1.85 on Wednesday, before the announcement.
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