Ascendas Real Estate Investment Trust's trustee, HSBC Institutional Trust Services (Singapore) Ltd., issued HK$729.0 million in 3.66% notes due May 16, 2025.
The notes were issued under the trustee's S$5.00 billion multicurrency medium-term note program that was established March 20, 2009.
Proceeds from the issue will be used to refinance existing debt of the REIT and its subsidiaries and/or as general working capital of the group. HSBC Institutional entered into a swap deal to exchange the Hong Kong dollar proceeds of the notes for Singapore dollars that will amount to S$125.0 million.
DBS Bank Ltd. is the sole lead manager and book runner of the issue.
As of May 16, US$1 was equivalent to S$1.34.