Mapletree Commercial Trust's Mapletree Commercial Trust Treasury Co. Pte. Ltd. priced an issuance of S$120.0 million of 3.28% fixed-rate notes due Sept. 23, 2024, at 100% of the principal amount of the notes.

The notes will be issued March 23 under the company's S$1.00 billion multicurrency medium-term program.

The diversified real estate investment trust will use the proceeds to refinance its existing borrowings.

DBS Bank Ltd. is the sole lead manager and book runner for the issuance.

As of March 19, US$1 was equivalent to S$1.32.