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Soilbuild REIT redeems S$93.5M of 2018 notes

Singapore-based Soilbuild Business Space REIT redeemed S$93.5 million worth of its 3.45% fixed-rate series 001 notes due 2018.

Soilbuild used the roughly S$54.7 million it raised from the sale of the KTL Offshore property, along with cash, a S$30 million, five-year unsecured loan and S$8.5 million from its committed bank facility to redeem the notes, the company said in a release.

The transaction lowered the REIT's aggregate leverage to 37.5% from 40.2% as of March 31, and extended the company's weighted average debt maturity to 3.0 years as of May 21, from 2.4 years as at end of March, according to the release.

As of May 18, US$1 was equivalent to S$1.34.