AIMS APAC REIT to issue S$100 million fixed-rate notes

AIMS APAC REIT, or AA REIT, industrial warehouse at 20 Gul WayAIMS APAC REIT, or AA REIT, industrial warehouse at 20 Gul Way

AIMS APAC REIT said Tuesday it will issue S$100 million 3.60 percent fixed rate notes, or series 001 notes, as part of its S$750 million multicurrency debt issuance program.

“We are pleased to receive strong interests from our debt investors,” Koh Wee Lih, CEO of the REIT’s manager, said in the statement filed to SGX.

“The net proceeds arising from the issue will be used for general corporate purposes, including to finance general working capital, capital expenditure and investments, and the partial or full refinancing of existing borrowings,” Koh added.

The notes, which are the first to be issued under the debt program, are expected to be issued on 12 November 2019, and will mature on 12 November 2024, AA REIT said.

The notes will be issued at face value in denominations of S$250,000, the filing said.

After the issuance, AA REIT’s weighted average debt maturity will rise to around 2.9 years on a pro forma basis from 2.3 years currently, the filing said.

Standard Chartered Bank and UOB are acting as joint lead managers and joint bookrunners for the series 001 notes, AA REIT said.

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