CCT reports strong response for bond issue

The management of CapitaCommercial Trust says it has seen a strong response from investors for its five-year US$645 million bond issued on Tuesday.

The Class A secured floating rate notes are due in 2016.

The notes are issued out of the trust’s multi-currency medium-term note programme valued at S$10 billion.

The bonds have been rated AAA by Fitch Ratings and Moody’s Investors Service.

The notes are secured by Raffles City Singapore, a mixed-use landmark property jointly owned by CapitaCommercial Trust and CapitaMall Trust through a special purpose trust vehicle known as RCS Trust.

The proceeds from the notes issue have been swapped into S$800 million.

In addition, S$164 million has been drawn down from a S$200 million five-year term loan facility granted by joint lead managers DBS, HSBC and Standard Chartered Bank.

The combined amount will be on-lent to RCS Trust to refinance its existing aggregate debt of S$964 million, ahead of its expected maturity date on 13 September this year.

The three banks have also granted a five-year committed revolving credit facility of S$300 million available to finance future capital expenditure, asset enhancement initiatives, general corporate and working capital purposes.

Source : Channel NewsAsia – 22 Jun 2011

Join The Discussion

Compare listings