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Ascendas Funds Management announced that its wholly owned subsidiary, Ascendas Real Estate Investment Trust (A-REIT), has enhanced its maturity profile with the issuance of 10-year Medium Term Notes worth S$200 million.
The four percent notes due in 2022 were issued by HSBC Institutional Trust Services (Singapore) Limited, a trustee of A-REIT.
“We are pleased to achieve a coupon of four percent for the 10-year tenure note,” said Tan Shu Lin, Head, Capital Market and Transactions at Ascendas Funds Management.
“With the issuance, A-REIT’s debt maturity profile is extended and its average term of debt is expected to increase to 4.1 years from 3.1 years as at 31 December 2011.”
The move is in line with efforts by Ascendas Funds Management to “proactively and prudently manage A-REIT’s capital structure. There is no change to the aggregate leverage of A-REIT as a result of this issuance.”
The said notes were issued in line with the S$1 billion Multicurrency Medium Term Note Programme created by HSBC Institutional Trust Services (Singapore) Limited on 20 March 2009.
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