Mainboard-listed Ascendas Real Estate Investment Trust (A-REIT) said it has enhanced its capital structure through a series of capital management initiatives.
It said it has conducted a successful offering of S$300 million of exchangeable collaterised securities (ECS) due in 2017 with a put option in 2015. The ECS was priced at a coupon and yield to maturity of 1.6 per cent with an initial exchange price of S$2.45 per unit.
Proceeds from the ECS issue will be used to refinance its existing borrowings, finance acquisitions and development of properties by A-REIT.
A-REIT added that it has recently successfully extended its S$300-million term loan due in March 2010 by seven years to March 2017.
As a result of all the moves, A-REIT’s weighted average debt maturity has been extended from 2.4 years to 4.5 years.
Source : Channel NewsAsia – 16 Mar 2010
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