Singapore-listed industrial REIT, Mapletree Industrial Trust (SGX:ME8U), announced on 1 March that a wholly-owned subsidiary of DBS Trustee Limited has executed a pricing supplement to issue SGD60 million in principal amount of 3.79% fixed rate notes due 2026.

The notes were issued under the SGD1 billion multicurrency medium term note programme that was established on in August 2011. DBS Trustee Limited is the trustee of Mapletree Industrial Trust.

The notes will mature on 2 March 2026. Proceeds arising from the issuance of the notes will be used towards refinancing the existing borrowings, said Mapletree Industrial Trust in its statement.

“The notes are expected to be assigned a rating of ‘BBB+’ by Fitch Ratings, the same rating as Mapletree Industrial Trust’s long-term issuer default rating”, the REIT added.

Units of Mapletree Industrial Trust last changed hands at SGD1.55 on the Singapore Exchange.