SUNTEC Real Estate Investment Trust has launched S$200 million worth of new five-year notes.
The notes are expected to mature on May 27, 2025, Suntec Reit's manager said in a filing on Tuesday. They will carry a coupon fixed at 2.60 per cent per annum, payable semi-annually in arrear. The issuer is Suntec Reit MTN, a wholly-owned subsidiary of Suntec Reit's trustee, HSBC Institutional Trust Services .
Net proceeds from the issue, after deducting issue expenses, will be used by Suntec Reit and its subsidiaries to finance or refinance acquisitions and/or investments. The proceeds will fund asset enhancement works, refinance existing borrowings and be used for general corporate purposes. The notes are expected to be issued at an issue price of 100 per cent of their principal amount on May 27, subject to the satisfaction of customary closing conditions, in denominations of S$250,000. They will be listed on the Singapore Exchange.
The payment of all amounts due in respect of the notes are unconditionally and irrevocably guaranteed by Suntec Reit's trustee.
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