SINGAPORE (March 23): The trustee managers of CapitaLand Commercial Trust (CCT) and CapitaLand Mall Trust (CMT) has established a US$2 billion (S$2.8 billion or RM8.86 billion) Euro-medium term note programme for RCS Trust.

RCS Trust is an unlisted special purpose sub-trust which is 60%-owned by CCT and 40%-owned by CMT.

RCS Trust owns Raffles City Singapore, an integrated development comprising Raffles City Tower, Raffles City Shopping Centre, two hotels and a convention centre.

Under the programme, the issuer may issue notes in series or tranches in Euro, US dollars, Singapore dollars and any other currency.

In a late filing on Wednesday night, the trustee managers say the proceeds from the issue of the notes will be used to refinance the existing borrowings of RCS Trust and its subsidiaries, to finance or refinance any asset enhancement works or capital expenditure of the group.

The establishment of this EMTN programme will also increase the financial flexibility of RCS Trust by diversifying its sources of funding.

Units of CCT and CMT closed at S$1.52 and S$1.94 respectively on Wednesday before the announcement. —

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