GLL IHT, a wholly-owned subsidiary of Singapore-based real estate developer GuocoLand (SGX:F17), has priced an offering of SG$110 million in fixed-rate notes due 2030 at an interest rate of 2.5%, according to a filing to the Singapore stock exchange on Monday.

GuocoLand shares were up over 1% in Tuesday's trade.

The notes, which will be guaranteed by GuocoLand, are being issued under GLL IHT's SG$3 billion multicurrency medium-term note program. They are being issued in denominations of SG$250,000.

The notes carry a fixed rate of 2.50% annum, payable semi-annually in arrears on March 30 and Sept. 30 each year. They are scheduled to mature on Sept. 30, 2030.

Net proceeds from the issue will be used to finance the general working capital and corporate requirements of the company and its subsidiaries.