Ascendas Real Estate Investment Trust issued a notice of redemption for the outstanding securities from the S$300.0 million of 1.60% exchangeable collateralized securities due 2019 issued by Ruby Assets Pte. Ltd.
As of Dec. 12, the outstanding securities amounted to an aggregate principal worth S$80.0 million, while the exchange price for the securities was recorded as S$2.0144 as of Dec. 13.
The REIT said all outstanding securities will be redeemed Feb. 1, 2017, at the principal amount plus accrued interest for the period between Aug. 1 and up to, but excluding, the redemption date.
Internal resources, existing debt facilities and/or the issuance of units in the REIT will be used to fund the redemption. In addition, Ascendas scheduled Jan. 17, 2017, as the last day for the convertible securities' exchange period.
As of Dec. 13, US$1 was equivalent to S$1.42.