By Marisa Wong
Morgantown, W.Va., Sept. 4 – CapitaLand Commercial Trust and CapitaLand Mall Trust jointly announced the issuance of S$150 million of 3.05% six-year notes on Tuesday.
The notes (A-) were issued by HSBC Institutional Trust Services (Singapore) Ltd., the trustee-manager of RCS Trust, under RCS Trust’s $2 billion euro medium-term note program.
Proceeds will be used to refinance existing borrowings, to finance asset enhancement works or capital expenditure and for general corporate and working capital purposes.
RCS is a special purpose sub-trust 60% owned by CapitaLand Commercial and 40% owned by CapitaLand Mall. Based in Singapore, the real estate investment trusts own and invest in retail properties. RCS in particular owns Raffles City Singapore, an integrated development that includes two hotels and a convention center.
| Issuer: | HSBC Institutional Trust Services (Singapore) Ltd.
|
| Issue: | Fixed-rate medium-term notes
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| Amount: | S$150 million
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| Maturity: | Sept. 4, 2024
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| Coupon: | 3.05%
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| Settlement date: | Sept. 4
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| Rating: | S&P: A-
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