Singapore’s Viva Industrial sets up S$500 million MTN program

By Marisa Wong

Madison, Wis., Aug. 28 – Viva Industrial Trust announced a S$500 million multicurrency medium-term note program (/BBB-/) on Thursday.

The issuer under the program is a newly established wholly owned subsidiary, Viva iTrust MTN Pte. Ltd.

Standard Chartered Bank will act as arranger and dealer.

Proceeds from the MTN program will be used to refinance existing borrowings, to finance acquisitions or investments, to finance general working capital and for capital expenditure requirements.

Notes will be guaranteed by Trust Co. (Asia) Ltd., the trustee for Viva Industrial Real Estate Investment Trust.

Viva Industrial REIT is one of the trusts making up Viva Industrial Trust; Viva Industrial Business Trust is the other member of the stapled group. The Singapore-based trusts are managed by Viva Industrial Trust Management Pte. Ltd. and Viva Asset Management Pte. Ltd., respectively.

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