Singapore-listed office REIT, CapitaLand Commercial Trust, announced on 4 July that it has issued SGD75 million in 2.77% fixed rate notes that will be due in 2022.

The notes are issued under the REIT’s SGD2 billion multicurrency medium term note (MTN) programme that was established in November 2007. The notes will mature on or about 4 July 2022 and will bear a fixed interest rate of 2.77% per annum payable semi-annually in arrear.

The notes are unconditionally and irrevocably guaranteed by HSBC Institutional Trust Services and have been assigned an “A-” rating by Standard & Poor’s. Proceeds from the issuance of the notes will be used to refinance an existing borrowing under a bank loan facility due in 2020, said the REIT.

With the issue, the aggregate outstanding principal amount of notes issued pursuant to the MTN programme is SGD650,750,000.

Units of CapitaLand Commercial Trust finished 2% higher from its previous close on the Singapore Exchange to end at SGD1.53.