Singapore’s Ascendas updates S$1 billion notes program to allow multicurrency perpetuals

By Susanna Moon

Chicago, Nov. 13 – Ascendas Hospitality Fund Management Pte. Ltd. said that its S$1 billion multicurrency stapled medium-term note program has been updated to allow the issuance of multicurrency perpetual securities.

The program was established by Ascendas Hospitality MTN Pte. Ltd., a wholly owned subsidiary of the Trust Co. (Asia) Ltd., on Oct. 15, 2014, according to an announcement by Ascendas Hospitality Trust.

Ascendas Hospitality Fund Management is manager of Ascendas Hospitality Real Estate Investment Trust, Ascendas Hospitality Trust Management Pte. Ltd., as trustee-manager of Ascendas Hospitality Business Trust and Ascendas Hospitality MTN Pte. Ltd.

DBS Bank Ltd. and Hongkong and Shanghai Banking Corp. Ltd. are the arrangers and dealers.

The program has been renamed.

Ascendas Hospitality Business Trust and Ascendas Hospitality REIT make up the stapled group Ascendas Hospitality Trust, which invests in a diversified portfolio of income-producing real estate used predominantly for hospitality purposes located across Asia, Australia and New Zealand.

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