NetLink NBN Trust (SGX:CJLU) through its subsidiary, NetLink Treasury, priced first series of SG$300 million worth of 2.65% bonds due 2035, according to a Tuesday filing with the Singapore Exchange.

Shares of the trust were up over 1% in Wednesday trading.

The Series 001 bonds have been issued under the SG$1 billion multicurrency debt issuance program and are unconditionally and irrevocably guaranteed by the trustee-manager.

DBS Bank and OCBC have been appointed as the joint lead managers of the bonds, which are expected to be issued on Sept. 3.

Proceeds from the issue will be used to refinance existing borrowings, financing of investments, acquisitions and general working capital needs.