By Marisa Wong
Los Angeles, April 1 – First REIT Management Ltd., manager of First Real Estate Investment Trust (First REIT), announced that Perpetual (Asia) Ltd., trustee of First REIT, priced S$100 million of 3¼% five-year bonds (AA).
The issue, the first health care social bond in Singapore, is guaranteed by the Credit Guarantee and Investment Facility (CGIF), a trust fund of the Asian Development Bank, according to a Friday press release.
The bonds are being offered under First REIT’s new social finance framework.
CIMB Bank Bhd., Singapore Branch, ING Bank NV, Singapore Branch and Oversea-Chinese Banking Corp. Ltd. are the joint social bond structuring advisers and joint lead managers for the new issue.
The bonds are expected to be issued on April 7.
Proceeds will be used to refinance an existing term loan maturing in May 2022.
First REIT is a healthcare real estate investment trust based in Singapore.
| Issuer: | Perpetual (Asia) Ltd. (for First Real Estate Investment Trust)
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| Guarantor: | Credit Guarantee and Investment Facility
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| Amount: | S$100 million
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| Issue: | Social bond
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| Term: | Five years
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| Managers: | CIMB Bank Bhd., Singapore Branch, ING Bank NV, Singapore Branch and Oversea-Chinese Banking Corp. Ltd.
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| Coupon: | 3¼%
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| Announcement date: | April 1
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| Issue date: | April 7
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| Listing: | Singapore
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| Rating: | S&P: AA
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