By Rebecca Melvin
Concord, N.H., June 15 – HSBC Institutional Trust Services (Singapore) Ltd., which is trustee of Suntec Real Estate Investment Trust, issued S$150 million of fixed rate subordinated perpetual securities on Tuesday, according to an announcement by ARA Trust Management (Suntec) Ltd., manager of Suntec REIT.
HSBC and Oversea-Chinese Banking Corp. Ltd. are joint lead managers of the securities, which were issued under the company’s $2 billion Euro medium term securities program.
Proceeds will be used by Suntec and its subsidiaries for refinancing its existing borrowings, financing or refinancing its acquisitions and/or investments, financing any asset enhancement works in which it has an interest and for general corporate purposes.
The securities are expected to be admitted to the official list of the Singapore Exchange on June 16.
Singapore-based Suntec owns retail and commercial real estate.
| Issuer: | HSBC Institutional Trust Services (Singapore) Ltd.
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| Guarantor: | Suntec Real Estate Investment Trust
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| Issue: | Subordinated perpetual securities
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| Amount: | S$150 million
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| Maturity: | Perpetual
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| Managers: | HSBC and Oversea-Chinese Banking Corp. Ltd.
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| Issue date: | June 15
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