By Cady Vishniac
Detroit, Nov. 17 – Cromwell EREIT Management Pte. Ltd., manager of Cromwell European Real Estate Investment Trust, issued €300 million 2 1/8% series 001 senior notes due November 2025 (BBB-) under its €1.5 billion euro medium-term note program through subsidiary Cromwell EREIT Lux Finco Sarl, according to a Friday listing notice.
The notes priced to yield 2.161%.
The notes are payable annually. Guarantors are Perpetual (Asia) Ltd. and Cromwell EREIT Lux 2 Sarl. After the reorganization of Cromwell and its subsidiaries, Cromwell EREIT Lux 2 Sarl will be sole guarantor.
Morgan Stanley acted as bookrunner on the Regulation S deal. Standard Chartered Bank (Singapore) Ltd. acted as the ratings adviser.
Proceeds will be used to refinance existing debt.
Application has been made to list the notes on the Singapore Exchange on Nov. 19.
Cromwell is a real estate investment trust based in Singapore.
| Issuer: | Cromwell EREIT Lux Finco Sarl
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| Guarantor: | Perpetual (Asia) Ltd. and Cromwell EREIT Lux 2 Sarl
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| Issue: | Senior unsecured series 001 notes
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| Amount: | €300 million
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| Maturity: | November 2025
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| Bookrunner: | Morgan Stanley
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| Coupon: | 2 1/8%
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| Yield: | 2.161%
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| Issue date: | Nov. 17
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| Listing date: | Nov. 19
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| Ratings: | Fitch: BBB-
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| Distribution: | Regulation S
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