MPACT prices $200m green notes due 2033

The proceeds will be used to finance or refinance eligible green projects under its green finance framework.

Mapletree Pan Asia Commercial Trust has priced $200m in fixed-rate senior green notes due 2033 under its $5b Euro Medium Term Securities Programme.

The notes will be issued by MPACT Treasury Company Pte. Ltd., a wholly owned subsidiary of DBS Trustee Limited, in its capacity as trustee of MPACT.

The notes carry an interest rate of 2.530% per annum and will be issued at 100% of their principal amount. The issue date is 25 June 2026, whilst the maturity date is 24 June 2033.

DBS Trustee Limited, as trustee of MPACT, will unconditionally and irrevocably guarantee the payment obligations of the issuer under the notes.

Moody’s Investors Service has assigned a Baa2 rating to the notes, the same as MPACT’s long-term issuer rating.

OCBC and UOB have been appointed joint lead managers and joint bookrunners for the issuance.

MPACT said the proceeds from the notes will be used by the trust and its subsidiaries to finance or refinance, in whole or in part, eligible green projects in accordance with the MPACT Green Finance Framework.

The trust will apply for the notes to be listed and quoted on the Singapore Exchange Securities Trading Limited. It will also apply to the notes to be recognised under the SGX Sustainable Fixed Income initiative.

MPACT noted that there is no guarantee that either application will be approved.

The notes contain a default condition that may be triggered if MPACT’s manager is removed and a replacement or substitute manager is not appointed in accordance with the trust deed.

MPACT’s existing loan facilities also contain prepayment conditions linked to the resignation or removal of the manager or property manager, or changes affecting their relationship with the trust’s sponsor, Mapletree Investments Pte Ltd.

If the relevant events occur, the aggregate outstanding notes and borrowings that may be affected would amount to about $5.9b, excluding interest.

MPACT said none of the relevant default or prepayment conditions had been breached as of the announcement date.

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