By Mary-Katherine Stinson
Lexington, Ky., Aug. 29 – CapitaLand Ascott Trust Management Ltd. via wholly owned subsidiary Ascott REIT MTN Pte. Ltd. priced S$120 million of 4.2% notes due Sept. 6, 2028, according to a notice.
The offer was 3x oversubscribed.
The notes were sold without a discount.
There is a guarantee from DBS Trustee Ltd.
Oversea-Chinese Banking Corp. Ltd. is the sole dealer manager.
The notes were issued under the company’s S$2 billion multicurrency debt issuance program.
DBS Trustee has entered into swap transactions to swap part of the Singapore dollar-denominated notes’ coupon payments into yen, amounting to ¥11 billion at a fixed interest rate of 1.09% annually.
Proceeds will be used for refinancing the existing borrowings of CapitaLand Ascott REIT and its subsidiaries.
According to the rule of the listing manual of the Singapore Exchange, it will constitute an event of default if the REIT Manager is removed and is not appointed or replaced in accordance with the terms of the trust deed constituting CapitaLand Ascott REIT. In such an event, the total level of facilities, debt and borrowings that may be affected is approximately S$2,912,300,000, including these notes but excluding interest, as of Aug. 29.
The diversified real estate group is based in Singapore. The parent was formerly known as Ascott Residence Trust Management Ltd.
| Issuer: | Ascott REIT MTN Pte. Ltd.
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| Guarantor: | DBS Trustee Ltd.
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| Amount: | S$120 million
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| Issue: | Notes
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| Maturity: | Sept. 6, 2028
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| Bookrunner: | Oversea-Chinese Banking Corp. Ltd.
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| Coupon: | 4.2%
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| Price: | Par
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| Yield: | 4.2%
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| Pricing date: | Aug. 29
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