Pacific Star completes refinancing programme for Capital Square

Singapore-based real estate investment house Pacific Star has announced the successful completion of the refinancing programme for Capital Square.

The S$549 million facility included S$320 million of senior notes – the largest Singapore dollar corporate bond issue so far this year.

The firm said the proceeds from the facility will be used to refinance the existing debt obligations and working capital of Capital Square, which it manages.

Australian lender ANZ, through its Singapore branch, was the lead arranger for the refinancing as well as the lead manager and underwriter of the S$320 million senior notes.

In-principle approval has been obtained to list the senior secured notes on the Singapore Exchange to enhance visibility and liquidity for future secondary market demand.

Pacific Star has also been reappointed as asset manager of the property.

Source : Channel NewsAsia – 7 Dec 2009

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