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CapitaLand Commercial-Capitaland Mall JV issues S$150M of fixed-rate notes

A CapitaLand Commercial Trust and CapitaLand Mall Trust joint venture issued S$150.0 million of fixed-rate notes under its US$2.00 billion euro medium-term note program.

The 3.05% notes mature on or about Sept. 4, 2024, with the interest rate payable semiannually in arrears. The notes will be listed and quoted on the Singapore bourse Sept. 5 at 9 a.m. local time.

The issuer will use proceeds from the issuance to refinance existing debt, to finance or refinance any asset enhancement projects or capital expenditures and for general corporate and working capital purposes.

RCS Trust, a 60/40 partnership between CapitaLand Commercial and CapitaLand Mall, is an unlisted special-purpose subtrust that owns the Raffles City Singapore in Singapore.

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

As of Sept. 4, US$1 was equivalent to S$1.38.