By Marisa Wong
Madison, Wis., Oct. 17 – Ascott Residence Trust (Ascott REIT) priced S$150 million of 5% fixed-rate perpetual securities on Friday, according to an announcement by Ascott Residence Trust Management Ltd., manager of Ascott REIT.
The securities will be issued through Ascott REIT’s trustee, DBS Trustee Ltd.
DBS Bank Ltd. and J.P. Morgan (SEA) Ltd. are the joint lead managers and joint bookrunners.
The securities are callable in whole on Oct. 27, 2019 or any distribution payment date after that.
Proceeds will be used for potential acquisitions and general funding purposes.
Settlement is slated for Oct. 27.
Ascott REIT is a Singapore-based pan-Asian residence real estate investment trust and an associate of Singapore property developer CapitaLand.
| Issuer: | DBS Trustee Ltd. (for Ascott REIT)
|
| Issue: | Fixed-rate perpetual securities
|
| Amount: | S$150 million
|
| Maturity: | Perpetual
|
| Bookrunners: | DBS Bank Ltd. and J.P. Morgan (SEA) Ltd.
|
| Coupon: | 5%
|
| Call option: | In whole on Oct. 27, 2019 or any distribution payment date after that
|
| Pricing date: | Oct. 17
|
| Settlement date: | Oct. 27
|
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