The manager of Suntec REIT, ESR Trust Management, has issued $250 million fixed rate subordinated perpetual securities for the refinancing of existing borrowings.

The perpetual securities were issued under the US$2 billion Euro Medium Term Securities Programme on June 17. DBS and OCBC were appointed as the joint lead managers.

The net proceeds will be used to refinance existing borrowings, including but not limited to the $200 million fixed rate subordinated perpetual securities callable in October 2025, and general working capital and capital expenditure requirements of the group.

The perpetual securities are offered to institutional investors and accredited investors.

Units in Suntec REIT closed flat at $1.13 on June 17.