ESR-REIT issues $125m fixed rate notes at 2.6% rate

Funds will be used to modernise its portfolio.

ESR-REIT has launched and priced over $125m of unsecured fixed-rate notes at 2.6% per annum, due 2026, which was more than 2.2 times subscribed, it announced in a bourse disclosure.

The offer is a part of its $750 multicurrency debt issuance programme, to refinance/finance existing borrowings, acquisitions investments, developments or asset enhancement works, general working capital, and capital expenditure requirements.

Together with yesterday’s launch of the S$50m Preferential Offering that is fully backstopped by our Sponsor, these two well-supported fundraisings will further strengthen our financial position, while providing the capital to position ESR-REIT for growth,” said ESR Fund Management CEO Adrian Chui.

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Thanks to the renewal of interest in the Singapore market.
The electronics cluster showed the most optimism.
The initiative aims to improve the overseas service exports environment.
This is the group’s 2nd sustainability notes issuance in the SGD bond market.
A Jefferies report said Singapore banks have enough buffers.
HongkongLand, CapitaLandInvest, and ComfortDelGro showed the most growth.
Mizuho Securities Asia Limited will be the notes dealer.
The company’s first batch has been fully allocated in the country.
The total consideration of up to $539m over three years will take effect. 
This is to address the increased global demand for healthcare products.
Thanks to the company's improved distribution channels.
Hiring activities online increased by 55.7% in August.
CapitaLandInvest, Capland IntCom T, and Sembcorp Industries showed the most growth.
This low turnout is due to the large quantum of the project, experts say.