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CapitaLand Commercial, CapitaLand Mall unit issues S$275M of fixed-rate notes

A special-purpose unit of CapitaLand Commercial Trust and CapitaLand Mall Trust issued S$275.0 million of 3.20% fixed-rate notes due on or about March 14, 2025, under its US$2.00 billion euro medium-term note program.

Proceeds from the issuance will be used by RCS Trust and its subsidiaries to refinance existing borrowings, as well as for asset enhancements, capital expenditures and general corporate purposes.

RCS Trust is 60% owned by CapitaLand Commercial and 40% owned by CapitaLand Mall. The trust owns Raffles City Singapore, which comprises the Raffles City Tower, a shopping center, two hotels and a convention center.

HSBC Institutional Trust Services (Singapore) Ltd. is the trustee manager for RCS Trust.

As of March 14, US$1 was equivalent to about S$1.31.