First REIT prices $100m of healthcare social bonds at 3.25%

The bonds will be issued on or around 7 April.

First REIT’s trustee, Perpetual Asia Limited has priced the REIT’s $100m of healthcare social bonds at 3.25%.

In a bourse filing, the REIT’s manager, First REIT Management Limited, announced that the bonds will be issued in the denomination of $250,000, and will bear interest at the rate of 3.25% per annum, payable semi-annually in arrears. The bonds are due in five years.

First REIT’s social bond is the first social bond issued within the Singapore REIT market and debt market, in general, to get guaranteed by the Credit Guarantee and Investment Facility, a trust fund of the Asian Development Bank.

The bonds will be issued on or around 7 April on the Official List of the Singapore Exchange Securities Trading Limited.

Net proceeds from the sale of the bonds will be used to refinance First REIT’s existing term loan maturing in May 2022 and “will apply any excess amount in the manner agreed with CGIF.”