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OUE C-REIT prices $100 mil 4.2% fixed rate notes with coupon step-down trigger upon re-rating

Felicia Tan
Felicia Tan5/6/2022 09:03 AM GMT+08  • 2 min read
OUE C-REIT prices $100 mil 4.2% fixed rate notes with coupon step-down trigger upon re-rating
The rate of interest payable to noteholders will be reduced by 25 basis points to 3.95% should any agency assign an investment grade rating on the bond.
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OUE Commercial REIT (OUE C-REIT) has, through its wholly-owned subsidiary, OUE CT Treasury, issued $100 million worth of fixed rate notes with a 4.20% coupon. The five-year notes will be due in 2027 and are payable semi-annually in arrears.

The notes come with a coupon step-down trigger upon the bonds’ re-rating to investment grade.

The rate of interest payable to noteholders will be reduced by 25 basis points to 3.95% when any credit rating agency assigns an investment grade rating to both the REIT and the notes within 18 months of its issuance.

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