By Rebecca Melvin
Concord, N.H., July 28 – ESR-REIT has priced S$125 million 2.6% notes due 2026, according to a notice by the ESR-REIT’s manager ESR Funds Management (S) Ltd.
The series 007 notes were issued under a S$750 million multicurrency debt issuance program, established on Feb. 2, 2012 and updated on Oct. 20, 2017 and Sept. 12, 2019.
The notes are callable at par for taxation reasons and there is mandatory redemption in whole but not in part upon termination of ESR-REIT or cessation of trading of units of ESR-REIT.
ESR-REIT trustee, RBC Investor Services Trust Singapore Ltd., was issuer of the notes.
Pricing was tight to initial guidance for yield in the area of 2¾%, and the offer was 2.2 times subscribed.
Oversea-Chinese Banking Corp. Ltd. was lead manager of the Regulation S notes, for which the proceeds will be used to refinance the group’s borrowings, to finance or refinance acquisitions and investments of ESR-REIT, for development and asset enhancement, general working capital and capital expenditure requirements.
The company has applied to list the notes on the Singapore Exchange Securities Trading Ltd.
The issuer is a real estate investment trust company based in Singapore. ESR Funds is a Hong Kong-based company owned by ESR Cayman Ltd. and Mitsui & Co., Ltd.
| Issuer: | RBC Investor Services Trust Singapore Ltd.
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| Obligor: | ESR-REIT
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| Issue: | Series 007 notes
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| Amount: | S$125 million
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| Maturity: | Aug. 4, 2026
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| Coupon: | 2.6%
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| Lead manager: | Oversea-Chinese Banking Corp. Ltd.
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| Settlement date: | Aug. 4
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| Listing date: | Aug. 5
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| Distribution: | Regulation S
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| Price talk: | 2¾% area
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