By Marisa Wong
Madison, Wis., Aug. 8 - AIMS AMP Capital Industrial REIT raised S$100 million through an issuance of 4.9% fixed-rate notes due Aug. 8, 2016, trust manager AIMS AMP Capital Industrial REIT Management Ltd. announced.
The notes were issued at par by AACI REIT MTN Pte. Ltd., a wholly owned subsidiary of HSBC Institutional Trust Services (Singapore) Ltd., the real estate investment trust's trustee. HSBC Institutional will be the guarantor of the new notes.
Standard Chartered Bank and United Overseas Bank Ltd. acted as joint lead managers and joint bookrunners.
This is the first tranche of notes to be issued under the trust's S$500 million multicurrency medium-term note program established on July 25.
Nick McGrath, chief executive officer of AIMS AMP Capital Industrial REIT Management, said in a press release, "We introduced the [MTN program] to give us the flexibility to diversify our sources of debt funding and to lengthen our debt maturity profile.
"We are delighted that the notes were five times oversubscribed, with overwhelming demand from quality institutional investors and private banks. The net proceeds from this issuance will be used to substantially repay debt due in October 2013, enabling us to extend a portion of our debt for a further four years."
Remaining proceeds will be used for general corporate purposes, including working capital, capital expenditures and investments, and the refinancing of bank borrowings.
Listing of the notes is slated for Aug. 10.
AIMS AMP Capital owns 26 industrial properties in Singapore.
| Issuer: | AACI REIT MTN Pte. Ltd.
|
| Guarantor: | HSBC Institutional Trust Services (Singapore) Ltd.
|
| Issue: | Fixed-rate notes
|
| Amount: | S$100 million
|
| Maturity: | Aug. 8, 2016
|
| Coupon: | 4.9%
|
| Price: | Par
|
| Yield: | 4.9%
|
| Bookrunners: | Standard Chartered Bank and United Overseas Bank Ltd.
|
| Settlement date: | Aug. 8
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
