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The issuance, with OCBC as lead manager and bookrunner, is expected to be on or around May 28

HOSPITALITY player CapitaLand Ascott Trust (Clas) has priced S$260 million in perpetual securities at 4.2 per cent, it announced on Wednesday (May 21).

The issuance is expected to be on or around May 28.

The move is part of Clas’ S$2 billion multicurrency debt issuance programme established in September 2009. OCBC has been appointed the lead manager and bookrunner in the latest issuance.

The net proceeds will be used for the redemption of S$250 million in fixed-rate perpetual securities issued by DBS Trustee on Jun 30, 2015. It will also be used to refinance or repay CapitaLand Ascott Reit’s borrowings, and finance any asset enhancement initiatives or working capital requirements of the real estate investment trust.

Units of Clas ended flat at S$0.86 on Wednesday.

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