Singapore's ARA Trust sells S$215 million in notes

By Reshmi Basu

New York, April 19 - ARA Trust Management Ltd, a real estate investment trust, said it sold S$215 million of notes (Baa2) under its S$500 million medium-term note program.

The notes were issued via Sunshine Assets Ltd, a special purpose vehicle set up specifically to issue notes under the program.

Proceeds from the sale will be used to refinance part of a S$320 million bridge loan.

Citigroup arranged the issue.

This is the first time that a REIT has raised unsecured debt in the Singapore bond market, according to a press release.

© 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.