Mapletree Logistics Trust refinances 7 Malaysian properties

MAPLETREE Logistics Trust has refinanced seven of its properties in Malaysia through the issuance of new seven-year medium-term notes, the manager said on Tuesday.

Special-purpose vehicle Semangkuk issued about RM250 million (S$81.9 million) in unrated senior medium-term notes to external investors, and RM195 million in junior medium-term notes to Mapletree Logistics Trust through its trustee, with the notes set to mature in December 2026.

The proceeds from these notes were used to refinance part of the RM526.5 million in outstanding bridge medium-term notes associated with the Malaysian properties - Pancuran, Zentraline, Linfox, Flexhub, Mapletree Shah Alam Logistics Property, Celestica and Subang 2.

Had the refinancing been completed on March 31, 2019, there would have been no material impact on the distribution per unit, net asset value and gearing of the trust for FY2018-19, said the manager.

It also noted that the latest notes were issued under a 60-year, asset-backed medium-term note programme for up to RM2 billion in nominal value.

Mapletree Logistics Trust units shed S$0.01 or 0.6 per cent to S$1.67 on Tuesday before the announcement.