Singapore-listed industrial REIT, Soilbuild Business Space REIT, announced on 8 April that its SGD100 million 3.60% fixed rate notes due 2021 have been assigned a definite rating of Baa3 rating by Moody's.

The notes were issued on the same day and made under the REIT’s SGD500 million multicurrency debt issuance programme that was established in April 2015. DBS Bank Ltd. and HSBC Limited acted as the joint lead managers in the issue.

Proceeds from the issue will be used towards refinancing Soilbuild REIT's SGD100 million bank loan facility which is currently secured against its West Park Biz Central asset.

"The use of proceeds from Soilbuild Business Space REIT's SGD100 million senior unsecured notes to refinance its secured bank loan facility is credit positive because it will effectively reduce the trust's reliance on secured funding as well as improve its capital structure and financial flexibility”, said Moody’s in a statement to explain the rating.

On the same day, Soilbuild Business Space REIT also announced that it has received a provisional Baa3 rating for the senior unsecured notes component of the multicurrency debt issuance programme from the same agency.

Units of the REIT finished flat from its previous trading day on the Singapore Exchange at SGD0.745.