Ascott Residence Trust priced an issue of S$150 million in fixed-rate perpetual securities at 3.88 percent, the trust’s manager said in a filing to SGX Monday.
The net proceeds will be used for general corporate purposes, including redeeming the REIT’s S$150 million 5.00 percent perpetual securities, Ascott Residence Trust said.
The securities will be issued in denominations of S$250,000, the filing said.
The first reset date for the distribution will be 4 September 2024, with subsequent resets every five years, the filing said.
Fitch assigned Ascott REIT a BBB senior unsecured credit rating in 2017 and affirmed it this month, but the securities will be unrated, the filing said.
OCBC has been appointed as the sole lead manager and bookrunner for the offering, the filing said.
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