Singapore-listed industrial REIT, Cambridge Industrial Trust (SGX:J91U), announced on 14 May that it has issued five-year SGD notes at a price guidance to yield 3.95% per annum.
The notes are issued as part of its SGD500 million multicurrency medium term note programme which was established in February 2012 and have been assigned a BBB- rating by Standard & Poor’s Ratings Services.
Philip Levinson, CEO of CIT’s manager, has described the notes’ issuance as being done at an opportunistic time.
“The issuance was more than 2 times subscribed due to the strong support from regional investors and market confidence in the manager to deliver on its commitment to always act in the best interests of the trust and unitholders”, said Levinson.
“Our ‘BBB-‘ rating provided by Standard and Poor's on our medium term note programme was well-received in the markets and helped to drive the strong order books received”, Levinson added.
Units of Cambridge Industrial Trust last changed hands on the Singapore Exchange at SGD0.725.