OUE C-REIT prices 3.03% fixed-rate notes at $150m

They will be issued on 5 September 2017.

OUE Commercial REIT (OUE C-REIT) successfully priced its 3.03% fixed-rate notes to $150m.

According to an announcement, the notes are expected to be issued on 5 September 2017 to mature in 2020. These notes are payable semi-annually in arrear.

The notes will be used to finance current borrowing and capital spending.

Currently, the REIT has a final order book in excess of $400m, backed by its institutional investors.

OUE C-REIT chief executive officer Tan Shu Lin said, “The net proceeds will be largely used to refinance existing borrowings, as well as fund any capital expenditure or working capital requirements. The strong interest garnered is testament to the confidence investors have in the quality of OUE C-REIT’s portfolio, as well as the solid operational performance the Manager has demonstrated since listing."