Suntec Reit to issue $110m in new bonds due 2020

Suntec Reit will issue $110 million worth of bonds that pay interest of 3.35 per cent and mature in 2020, its manager ARA Trust Management (Suntec) said on Thursday.

The issue will come under Suntec Reit's US$1.5 billion Euro medium term note programme established in August last year, and the bonds will come in denominations of $250,000.

All payments to be made for this issue will be guaranteed by the Suntec Reit Trustee, ARA said. The bonds are expected to be issued on Mar 14.

The new bonds will form a single series with the existing $200 million notes issued on Feb 10, which also carry a fixed rate of 3.35 per cent and mature in 2020.

Suntec Reit's portfolio of properties includes Suntec City, Park Mall, Marina Bay Link Mall, a one-third interest in One Raffles Quay and Marina Bay Financial Centre Towers 1 and 2, and a 60.8 per cent interest in Suntec Singapore Convention & Exhibition Centre.

It also owns a commercial building located in North Sydney in Australia, which is currently under development.