In response to questions from REITsWeek, First REIT has provided a further explanation behind the move to buy back perpetual securities it issued in 2016.
First REIT announced on 22 August that it has launched a tender offer to buy back SGD60 million in Series 002 subordinated perpetual securities in cash at 70% of the principal amount.
The 5.68% perps were issued on 8 July 2016 to refinance the REIT’s existing borrowings, and fund its operating expenses then.
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