OUE REIT Issues 7-Year Green Notes at 3.9%

MT Newswires2024-09-27

OUE Real Estate Investment Trust (SGX:TS0U) has issued its first 7-year green notes, raising SG$180 million at a fixed rate of 3.9%, due in 2031, according to a Thursday filing on the Singapore Exchange.

The notes, rated "BBB-" by S&P Global Ratings, were issued under a SG$2 billion multicurrency debt issuance program.

The offering attracted a peak order book of SG$320 million, leading to a final upsized offer that was oversubscribed 1.7 times. Approximately 70% of the allocation went to institutional investors.

Post-issuance, OUE REIT's weighted average cost of debt will decrease from 4.7% to 4.6% per annum, and the average debt maturity will extend to 3.2 years. Only 6.8% of total debt will be due in 2025.

Price (SGD): S$0.33, Change: S$-0.0050, Percent Change: -1.52%

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