Singapore-listed Frasers Hospitality Trust announced on 28 March that additional Class C junior medium term notes belonging to a vehicle it sponsors has been assigned a rating C3 with a stable outlook by Malaysian ratings agency RAM Ratings Services Berhad.
The notes are worth MRY3.18 million (SGD1.09 million) and has been issued under the vehicle’s RM750 million medium term note programme which was established in connection with the securitisation of The Westin Kuala Lumpur, a hotel in the portfolio of Frasers Hospitality Trust.
The additional Class C notes, which will feature a variable coupon rate, will be issued on 6 April and share the same expected maturity and legal maturity dates with the existing Class C junior medium term notes.
Proceeds from the issuance of the notes will primarily be used for refurbishments to Westin Kuala Lumpur.
Units of Frasers Hospitality Trust last changed hands on the Singapore Exchange at SGD0.775.