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Bond Market News
ESR REIT Plans SGD Perp as part of ARA LOGOS Acquisition Plan
October 19, 2021
ESR REIT is expected to issue new debt including an SGD-denominated Perp as part of its ARA Logos acquisition plan as per IFR. ESR REIT plans to refinance all of ARA Logos’ existing debt plus related interest rate swaps worth ~S$87.9mn ($65.3mn), as well as redeem the latter’s outstanding S$101.5mn ($75.4mn) 5.5% Perps.
As per IFR, ESR REIT may take on about S$877.2mn ($652mn) of new unsecured debt to refinance ARA Logos’ existing debt, fund an upfront land premium of around S$87.9m ($65.3mn) and pay off transaction fees of around S$48.8mn ($36.3mn). To part fund the 5.5% perpetual redemption, ESR-REIT may raise around S$251.5mn ($187mn) by issuing a new Perp.
ESR REIT’s existing 4.6% Perps were unchanged at 99.22, yielding 5.4%.
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