Singapore-listed industrial REIT, Mapletree Industrial Trust (SGX:ME8U), announced on 6 May that it has issued SGD75 million in principal amount of 3.02% fixed rate notes due 2023.

The notes were issued under the SGD1 billion multicurrency medium term note programme which was established on 16 August 2011. Proceeds arising from the issuance of the notes will be used towards refinancing the existing borrowings of Mapletree Industrial Trust. .

The notes are expected to be assigned a rating of ‘BBB+’ by Fitch Ratings, the same rating as the REIT’s long-term issuer default rating. Standard Chartered Bank has been appointed as the dealer of the notes.

Units of Mapletree Industrial Trust are currently listed on the Singapore Exchange at SGD1.62.