CICT increases Euro Medium Term Note programme to US$7b

It increases the programme limit from US$3b to US$7b.

CapitaLand Integrated Commercial Trust Management Limited (CICTML), the manager of CapitaLand Integrated Commercial Trust (CICT), announced that its wholly owned subsidiary, CMT MTN Pte. Ltd., has completed an update of its Euro Medium Term Note (EMTN) Programme on 18 June 2025.

The update increases the programme limit from US$3b to US$7b and introduces the option to issue Australian law-governed notes lodged with Austraclear.

Under the amended programme, the issuer may issue notes in various currencies and structures, including fixed or floating rate notes, zero-coupon notes, dual currency notes, and partly paid notes.

These notes will be direct, unconditional, unsubordinated, and unsecured obligations of the Issuer and will rank equally with the Issuer’s other unsecured and unsubordinated obligations.

All payments due on the notes will be unconditionally and irrevocably guaranteed by HSBC Institutional Trust Services (Singapore) Limited, acting as trustee of CICT.

The notes may be offered outside the United States under Regulation S of the U.S. Securities Act of 1933 and in Singapore to institutional and accredited investors under Sections 274 and 275 of the Securities and Futures Act (SFA).

CICTML noted that the amended programme includes a clause where removal of the Manager without the appointment of a qualified replacement constitutes an event of default, which could trigger cross-defaults on other debt.

Approximately $8.3b in outstanding debt facilities and borrowings could be affected if such a default occurs.

Proceeds from the notes will be used for refinancing existing debt, funding investments and asset enhancements, on-lending to entities in which CICT holds an interest, and for general corporate and working capital purposes.

An application has been submitted to the Singapore Exchange (SGX-ST) to list the notes issued under the programme.

Approval from SGX-ST is not guaranteed and should not be taken as an indication of the merits of the issuer, trustee, programme, or notes.