Singapore's Cache unit sets up S$500 million multicurrency MTN program

By Marisa Wong

Madison, Wis., Feb. 14 - The board of directors of ARA-CWT Trust Management (Cache) Ltd., manager of Cache Logistics Trust, announced that Cache-MTN Pte. Ltd. has established a S$500 million multicurrency medium-term note program.

Australia and New Zealand Banking Group Ltd. will be the arranger and dealer for the program.

Under the program, Cache-MTN may issue notes from time to time in series or tranches in Singapore dollars or in other currencies in various amounts and tenors.

The notes may bear fixed, floating or variable interest rates. Hybrid notes and zero-coupon notes may also be issued.

Proceeds will be used to refinance the existing borrowings of Cache-MTN's parent HSBC Institutional Trust Services (Singapore) Ltd., which is the trustee of Cache Logistics, and its subsidiaries; to finance Cache Logistics' acquisitions or investments; and to finance general working capital.

Cache Logistics is a Singapore-based real estate investment trust.

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