ASCENDAS India Trust has increased the limit of its multicurrency debt programme by S$1 billion, raising the likelihood that the India-focused IT business park real estate investment trust will be looking to borrow more funds.
The maximum aggregate principal amount of notes and perpetual securities that may be issued under its multicurrency debt issuance programme is now raised to S$1.5 billion from S$500 million, trustee-manager Ascendas Property Fund Trustee said in a filing on Tuesday night.Among the notes already issued under the multicurrency debt deal – which was established in February 2009 – are S$50 million of 3.8 per cent notes due 2019, S$30 million of 3.9 per cent notes due 2020, four billion yen of 0.
The notes and perpetual securities will be offered only to institutional investors, accredited investors and certain other persons as specified under Sections 274 and 275 of the Securities and Futures Act of Singapore.