Frasers Commercial Trust prices 2.365% fixed interest rate notes

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Singapore-listed office REIT, Frasers Commercial Trust, announced on 24 March that it has priced SGD90 million in aggregate principal amount of 2.365% notes due 2020.

The notes will be known as Series 011,and issued under the REIT’s SGD1 billion multicurrency medium term note programme.

The notes are expected to be issued on 3 April 2017 and will be unconditionally, and irrevocably guaranteed by HSBC Institutional Trust Services, as trustee of Frasers Commercial Trust.

DBS Bank has been appointed as the global co-ordinator of the Series 011 Notes, while CIMB Bank has been appointed as the joint lead manager and bookrunner with DBS.

The notes will mature on 3 April 2020, and bear a fixed interest rate of 2.365% per annum payable semi-annually in arrear.

The Series 011 are expected to be assigned a rating of “BBB+” by Standard & Poor’s Rating Services.

Proceeds arising from the issue will be used to prepay Frasers Commercial Trust’s existing SGD90 million term loan facility.

Units of the REIT last changed hands on the Singapore Exchange at SGD1.26.

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