Ascott REIT issues $100m notes at 3.52%

It will be used to refinance the existing borrowings of the REIT.

Ascott Residence Trust (Ascott REIT) issued its $100m notes at 3.523% due 2023 as part of its $1b multi-currency medium-term note (MTN) programme, an announcement revealed.

The net proceeds from the issue will be utilised for refinancing existing borrowings of the REIT, its management said.

UOB has been appointed as the dealer for the issuance of the notes. Meanwhile, DBS Trustee in its capacity as the trustee of the REIT entered into a swap transaction to swap the Singapore dollar proceeds of the notes into Euros amounting to EUR 63.82m at a fixed interest rate of 1.56% per annum.

Approval-in-principle has been granted by the Singapore Exchange Securities Trading Limited (SGX-ST) for the listing and quotation of the notes on the SGX-ST.