The manager of Singapore-listed industrial REIT, Mapletree Logistics Trust (MLT) (SGX:M44U), has announced that it will be issuing JPY4.5 billion (SGD51.4 million) of 8-year floating rate notes on 26 March 2015.

The notes will be issued via wholly-owned subsidiary of MLT, MapletreeLog Treasury Company, under its SGD1 billion multi-currency medium term note programme.

The notes, which are the REIT’s twelfth in its series, are unsecured and are not rated. Proceeds arising from the issue of the notes will be mainly used for the refinancing of existing borrowings of the MLT.

MLT reported in its last financial result that the REIT’s aggregate leverage rose to 34.7% from 33.3% previously, while the weighted average borrowing cost for 3Q FY14/15 increased slightly to 2.1% per annum. Average debt duration was around 3.1 years as at 31 December 2014.

Units of MLT are currently listed on the Singapore Exchange at SGD1.22.