Singapore-listed industrial REIT, Ascendas (SGX:A17U), has issued SGD100 million 2.95% notes due 2020 through HSBC Institutional Trust Services, the REIT announced on 3 August.

The notes are issued under a SGD5 billion multicurrency medium term note programme established by Ascendas REIT in 2009.

The notes will mature on 3 August 2020 and will bear a fixed interest rate of 2.95% per annum payable semi-annually. Overseas-Chinese Banking Corporation Limited has been appointed as dealer of the notes.

According to Ascendas REIT, net proceeds arising from the issue of the notes will be used to finance or refinance the acquisitions or existing borrowings of Ascendas REIT, among others.

“The notes have been assigned a rating of A3’ by Moody’s Investor Service”, said Ascendas REIT in an announcement on the issues.

Units of Ascendas REIT are currently listed on the Singapore Exchange at SGD2.42.