OUE C-REIT Successfully Prices Inaugural S$150 million 3.03% Fixed Rate Notes Due 2020
- Final order book in excess of S$400 million, supported primarily by institutional
- Diversification of funding sources towards unsecured borrowings in line with
proactive capital management strategy
On 24 Aug 2017, OUE Commercial REIT announced that they successfully priced S$150 million 3.03% fixed rate notes due 2020 under its S$1.5 billion Multicurrency Debt Issuance Programme.
The Notes, which bear interest at a fixed rate of 3.03% payable semi-annually in arrear, are expected to be issued on 5 September 2017 and mature on 5 September 2020.
Ms Tan Shu Lin, Chief Executive Officer of the Manager, said, “We are pleased to see such robust demand for OUE C-REIT’s maiden Singapore dollar notes issuance, supported by high quality institutional investors. The net proceeds will be largely used to refinance existing borrowings, as well as fund any capital expenditure or working capital requirements. The strong interest garnered is testament to the confidence investors have in the quality of OUE C-REIT’s portfolio, as well as the solid operational performance the Manager has demonstrated since listing.
With the successful fund-raising, the Manager has diversified OUE C-REIT’s sources of funding and improved its financial flexibility with the move towards unsecured borrowings, in line with its proactive capital management strategy.”