Bookmark & Share
CapitaCommercial Trust’s (CCT) wholly-owned subsidiary CCT MTN has issued ¥8.6 billion (S$98.48 million) floating rate notes, CapitaCommercial Trust Management revealed in a filing to the Singapore Exchange (SGX) on Tuesday (17 February).
The notes will mature on 17 February 2023 and has an interest rate benchmarked on the three-month Japanese Yen LIBOR plus a spread of 0.30 percent per annum.
These are payable quarterly in arrear and were issued by CCT MTN under its S$2 billion Multicurrency Medium Term Note (MTN) Programme established on 20 November 2007. Currently, the aggregate outstanding principal amount of notes issued via this programme stands at S$643.3 million.
Additionally, the notes are unconditionally and irrevocably guaranteed by HSBC Institutional Trust Services (Singapore), in its capacity as trustee of CCT, the filing stated.
The proceeds from the issuance will be lent by CCT MTN to HSBC, which in turn will utilise it as CCT’s general working capital. It will also be used to on-lend to any company where CCT has a stake, refinance the S$70 million medium term note due this month, and fund any capital expenditure and asset enhancement works started by CCT.
As CCT Trustee, HSBC will also exchange the Yen proceeds into Singapore dollars at a fixed interest rate of 3.05 percent per annum based on the republic’s local currency.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg.
Related Articles:
KSH wins contract to build Singapore Chinese Cultural Centre