Singapore-listed office REIT CapitaCommercial Trust (CCT) (SGX:C61U) announced on 17 February that it has issued, through a wholly-owned subsidiary, JPY8.6 billion (SGD98 million) floating rate notes due 17 February 2023.
The notes are issued under the SGD2 billion multicurrency medium term note programme established by the CCT subsidiary on 20 November 2007. Currently the aggregate outstanding principal amount of notes issued pursuant to the programme is SGD643,300,000.
The notes will mature on 17 February 2023 and will bear interest at a rate of 3-month JPY LIBOR + 0.30% per annum, payable quarterly in arrear.
CCT’s subsidiary will lend the proceeds from the issuance of the Notes to the REIT’s trustee (HSBC Institutional Trust Services), who will in turn use such proceeds to refinance the SGD70 million medium term note due February 2015, on-lend to any entity in which CCT has an interest, finance any capital expenditure and asset enhancement works initiated by CCT and for the general working capital of the REIT.
CCT’s trustee has entered into swap transactions to swap the Yen proceeds amounting to JPY8.6 billion into Singapore dollars amounting to SGD100,000,000 at a Singapore dollar fixed interest rate of 3.05% per annum.