Tuesday, April 24, 2012
A-REIT: Has issued JPY10b at 2.55% p.a of notes due on 23 Apr 2024. The notes have been swapped into SGD at at fixed rate of 4.08% upon issuance for the entire tenure with procedds of $153.7m used towards existing borrowings. Notes have a Baa1 rating by Moody’s. This raises A-REIT’s debt maturity profile from 3.5 yrs to 4.2 yrs with a cost of debt of 3.04%. Leverage remains unchanged at 36.6%. A-REIT has a yield of 6.5% for prev 12 mths.