SINGAPORE - Ascendas India Trust has increased the limit of its multicurrency debt programme by $1 billion, raising the likelihood that the India-focused IT business park real estate investment trust will be looking to borrow more funds.

The maximum aggregate principal amount of notes and perpetual securities that may be issued under its multicurrency debt issuance programme is now raised to $1.5 billion from $500 million, trustee-manager Ascendas Property Fund Trustee said in a filing on Tuesday night (April 16).

Citicorp Investment Bank (Singapore) Limited and DBS Bank Ltd are the arrangers and dealers for the programme.

Among the notes already issued under the multicurrency debt deal - which was established in February 2009 - are $50 million of 3.8 per cent notes due 2019, $30 million of 3.9 per cent notes due 2020, four billion yen of 0.75 per cent notes due 2021, four billion yen of 0.64375 per cent notes due 2023, and five billion yen of 0.67375 per cent notes due 2023.

In conjunction with the increased debt programme limit, Ascendas Property Fund Trustee has also entered into a supplemental trust deed with DBS Trustee Limited on April 16, 2019 to amend the trust deed dated Feb 27, 2009.

The supplemental trust deed also takes effect from April 16, and applies only in respect of the notes and perpetual securities issued under the updated programme after that date.

The notes and perpetual securities will be offered only to institutional investors, accredited investors and certain other persons as specified under Sections 274 and 275 of the Securities and Futures Act (Chapter 289) of Singapore.

Ascendas India Trust units ended one cent higher at $1.20 on Tuesday.