Pacific Star Group, a Singapore-based real estate investment house, announced yesterday the successful completion of the refinancing programme for Capital Square, an office building in Raffles Place.
The facility, which is worth $549 million, includes $320 million of senior notes. It is the biggest Singapore dollar corporate bond issue in 2009.
According to the firm, the proceeds from the facility is intended to refinance the working capital and existing debt obligations of Capital Square, which it manages.
Through the Singapore branch of Australian lender ANZ, it led the arrangement of the refinancing programme and was also the underwriter and lead manager of the $320 million senior notes.
To enhance liquidity and visibility for future demand on the secondary market, in-principle approval has been obtained to include the senior secured notes on the Singapore Exchange.
Pacific Star has been reappointed as the property’s asset manager.