By Cady Vishniac
Detroit, Jan. 21 – Cromwell Ereit Management Pte. Ltd., manager of Cromwell European Real Estate Investment Trust, issued an additional €200 million of its 2 1/8% senior notes due Nov. 19, 2025 (//BBB-) under its €1.5 billion medium-term note program through subsidiary Cromwell Ereit Lux Finco Sarl, according to a Thursday announcement.
The notes, which priced at 102.41 to yield 1.6%, will be consolidated and form a single with the €300 million of notes issued on Nov. 19.
The notes are payable annually. Guarantors are Perpetual (Asia) Ltd. and Cromwell Ereit Lux 2 Sarl. After the reorganization of Cromwell and its subsidiaries, Cromwell Ereit Lux 2 Sarl will be sole guarantor.
ING Bank NV, Singapore Branch and Morgan Stanley & Co were appointed joint global coordinators on the Regulation S deal.
Credit Agricole CIB, ING Bank NV, Singapore Branch, Morgan Stanley & Co. International plc and Standard Chartered Bank (Singapore) Ltd. are joint lead managers, and Intesa Sanpaolo SpA is a passive bookrunner.
Proceeds will be used to refinance existing debt of Cromwell Ereit Lux Finco Sarl and for general working capital purposes.
Listing of the notes on the Singapore Exchange is expected on Jan. 28.
Cromwell is a real estate investment trust based in Singapore.
| Issuer: | Cromwell EREIT Lux Finco Sarl
|
| Guarantor: | Perpetual (Asia) Ltd. and Cromwell Ereit Lux 2 Sarl
|
| Issue: | Senior unsecured notes
|
| Amount: | €200 million
|
| Maturity: | Nov. 19, 2025
|
| Joint global coordinators: | ING Bank NV, Singapore Branch and Morgan Stanley & Co.
|
| Joint lead managers: | Credit Agricole CIB, ING Bank NV, Singapore Branch, Morgan Stanley & Co. International plc and Standard Chartered Bank (Singapore) Ltd.
|
| Passive bookrunner: | Intesa Sanpaolo SpA
|
| Coupon: | 2 1/8%
|
| Price: | 102.41
|
| Yield: | 1.6%
|
| Pricing date: | Jan. 21
|
| Issue date: | Jan. 27
|
| Listing date: | Jan. 28
|
| Rating: | Fitch: BBB-
|
| Distribution: | Regulation S
|
| Original issue: | €300 million of notes issued Nov. 19, 2020
|
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