Suntec REIT says Sunshine Assets Limited, the special purpose vehicle set up in 2006 to issue notes under the $500 million Medium Term Notes Programme, today issued a new series of three-year fixed rate notes bearing a fixed interest rate of 3.55% per annum, due September 2012.
The aggregate issue size of the notes is $25 million, which was oversubscribed. The proceeds from the notes will be on-lent by the Issuer to Suntec REIT, which will be used to fund Suntec REIT’s investment in the joint venture company established to acquire the Suntec Singapore International Convention & Exhibition Centre.
With this issuance of the notes, Suntec REIT’s gearing ratio stands at 34.2%.
The notes carry a Baa2 investment grade rating from Moody’s Investor Service.
Suntec REIT’s family rating from Moody’s Investor Service is Baa1.
Citicorp Investment Bank (Singapore) Limited was appointed as the lead manager of this issue of notes.
Source : The Edge – 17 Sep 2009
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