Keppel REIT Management Limited, as manager of Keppel REIT, said its wholly owned subsidiary Keppel REIT MTN Pte. Ltd. has priced 200 million Singapore dollars of 2.60% notes due Aug, 17 2033 under the 2.0 billion Singapore dollars multicurrency debt issuance programme.

The Series 011 notes are expected to be issued on Aug, 17 2026 at 100% of par in denominations of 250,000 Singapore dollars. Interest will be paid semi-annually. United Overseas Bank Limited is the sole lead manager and bookrunner.

Net proceeds, after deducting issue expenses, will be used by the trustee of Keppel REIT to refinance existing borrowings of Keppel REIT and its subsidiaries.

The notes include a clause that constitutes an event of default if Keppel REIT Management Limited is removed as manager without an approved replacement, a breach that could trigger cross-defaults on approximately 2.614 billion Singapore dollars of other debt facilities and borrowings. As of the announcement date, no such breach has occurred.