Singapore-listed industrial REIT, Ascendas (SGX:A17U), announced on 3 June that it has issued SGD150 million worth of 3.20% notes which will be due in 2022.

The notes are issued under the SGD5 billion multicurrency medium term note programme which was established in 20 March 2009. DBS Bank Ltd. has been appointed as dealer of the notes.

The bonds, which have been assigned a rating of “A3” by Moody’s Investor Service, will mature on 3 June 2022 and bear a fixed interest rate of 3.20% per annum payable semi-annually.

Ascendas REIT has indicated that it will use net proceeds arising from the issue of the notes to refinance its existing borrowings.

Units of Ascendas REIT are currently listed on the Singapore Exchange at SGD2.48.