CapitaLand China Trust prices $109.43m notes due 2028

It will have a fixed interest rate of 2.88% per annum.

CapitaLand China Trust Management Limited, the manager of CapitaLand China Trust (CLCT), has priced $109.43m (CNH600m) in 2.88% notes due 2028 under its $1b multicurrency debt issuance programme.

The notes will have a fixed interest rate of 2.88% per annum, payable semi-annually, and will mature on 17 April 2028.

The issue price is 100% of the principal amount, with the expected issuance date on 17 April, subject to customary closing conditions.

The notes will be issued to institutional and accredited investors in Singapore.

Proceeds will be used for general corporate purposes, working capital, and refinancing of existing borrowings.

The programme includes a default condition if the Manager is removed and a suitable replacement is not appointed, which could trigger cross-defaults in other debt facilities, affecting up to $327.9m in total debt.

As of now, no breach has occurred.

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