MNACT issues maiden $250m perps at 3.50% interest rate

Mapletree North Asia Commercial Trust has priced $250m of perpetual securities at 3.50%.

Mapltetree North Asia Commercial Trust (MNACT) has issued its first batch of perpetual securities via DBS, of $250m at 3.5% rate.

This is part of MNACT’s US$1.5b Euro Medium Term Securities Programme, with an preliminary rate of distribution of three.5% for the primary 5 years.

In a bourse assertion, MNACT Management CFO Ng Wah keong stated the issunance was oversubscribed.

“This attests to investors’ confidence in the resilience of MNACT, which is underpinned by a diversified portfolio of quality assets,” Ng stated.

Proceeds of the cash raised shall be used for common company functions, together with funding the acquisition of a freehold workplace constructing in Japan.