By Susanna Moon
Chicago, Oct. 26 – ESR-REIT, formerly known as Cambridge Industrial Trust, plans to issue S$150 million of 4.6% of series 006 subordinated perpetual securities at par.
Credit Suisse (Singapore) Ltd., DBS Bank Ltd. and Hongkong and Shanghai Banking Corp. Ltd., Singapore Branch are the joint bookrunners.
The notes will be issued under the S$750 million multicurrency debt issuance program established on Feb. 2, 2012 and updated on Oct. 20, according to a notice by the issuer’s manager ESR Funds Management (S) Ltd., formerly known as Cambridge Industrial Trust Management Ltd.
RBC Investor Services Trust Singapore Ltd. is the trustee of ESR-REIT.
Proceeds will be used to refinance the group’s borrowings as well as to finance or refinance the acquisitions and investments of ESR-REIT and 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: | ESR-REIT
|
| Issue: | Series 006 subordinated securities
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| Amount: | S$150 million
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| Maturity: | Perpetual
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| Coupon: | 4.6%
|
| Price: | Par
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| Bookrunners: | Credit Suisse (Singapore) Ltd., DBS Bank Ltd. and Hongkong and Shanghai Banking Corp. Ltd., Singapore Branch
|
| Pricing date: | Oct. 26
|
| Settlement date: | Nov. 3
|
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