Singapore’s Ascendas cuts exchange price of Ruby Assets’ 1.6% notes

By Marisa Wong

Madison, Wis., April 23 – Ascendas Funds Management (Singapore) Ltd., manager of Ascendas Real Estate Investment Trust, announced an adjustment to the exchange price for the S$300 million of 1.6% exchangeable collateralized securities due 2019 issued by Ruby Assets Pte. Ltd.

The securities will be exchangeable into new A-REIT units at a price of S$2.0866, effective May 29. The current exchange price is S$2.1394.

The price is being lowered due to a distribution that will be paid to unitholders on May 29.

Ascendas is a business space and light industrial real estate investment trust with a diversified portfolio of 17 properties in Singapore.

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