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CapitaLand unit issues S$300M fixed-rate notes

RCS Trust, a subtrust owned by CapitaLand Commercial Trust and CapitaLand Mall Trust, issued S$300 million of fixed-rate notes, pursuant to its US$2 billion euro medium-term note program.

The notes bear interest at 2.60%, payable semiannually in arrears, and they are set to mature by June 5, 2023.

RCS Trust intends to use the proceeds to refinance existing borrowings, to fund or refinance any asset improvements, and for general business and working capital expenditures for itself and its subsidiaries.

As of June 2, US$1 was equivalent to S$1.38.