By Marisa Wong
Madison, Wis., June 16 - CapitaCommercial Trust Management Ltd. and CapitaMall Trust Management Ltd. announced that Silver Oak Ltd. priced $645 million of class A secured floating-rate notes due June 2018 on Wednesday.
The notes will bear a floating interest rate equal to Libor plus 145 basis points.
The series 002 notes will be issued under the S$10 billion multicurrency secured medium-term note program established on Sept. 13, 2006. The notes will be secured by Raffles City Singapore.
DBS Bank Ltd., Hongkong and Shanghai Banking Corp. Ltd. and Standard Chartered Bank are the joint lead managers for the Regulation S offering.
As previously reported, proceeds from the notes and the facilities will be used to refinance existing borrowings, to finance future capital expenditure and asset enhancement initiatives and for general corporate and working capital purposes.
The notes are expected to be issued on June 21.
CapitaCommercial Trust Management and CapitaMall Trust Management are the managers of CapitaCommercial Trust, which is a Singapore-based real estate investment trust focusing on Singapore commercial buildings. Silver Oak is a special purpose vehicle incorporated in Singapore.
| Issuer: | Silver Oak Ltd.
|
| Issue: | Class A secured floating-rate notes
|
| Amount: | $645 million
|
| Maturity: | June 2018
|
| Coupon: | Libor plus 145 bps
|
| Bookrunners: | DBS Bank Ltd., Hongkong and Shanghai Banking Corp. Ltd. and Standard Chartered Bank
|
| Pricing date: | June 15
|
| Settlement date: | June 21
|
| Distribution: | Regulation S
|
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