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Suntec REIT to issue additional S$80M of 3.4% notes due 2023

Suntec REIT MTN Pte. Ltd., a subsidiary of Suntec Real Estate Investment Trust's trustee, will issue S$80.0 million of 3.40% notes due May 10, 2023, on May 18 at 100% of the principal amount, plus applicable interest.

The Singaporean REIT said the notes will be issued in addition to the S$100.0 million of 3.40% notes due 2023 issued May 10. The two tranches will be consolidated to form a single series of offering under the company's US$1.50 billion euro medium-term note program. Interest on the notes will be payable semiannually in arrears.

The company and its subsidiaries will use the net proceeds to fund acquisitions and refinance existing borrowings, as well as for working capital requirements and general corporate purposes.

DBS Bank Ltd. is the sole book runner for the proposed issuance.

As of May 10, US$1 was equivalent to S$1.34.