The Board ESR Cayman Limited announced that on 19 February 2020, the Company entered into a Subscription Agreement with Credit Suisse (Singapore) Limited, DBS Bank Ltd. and United Overseas Bank Limited in connection with the issue of an aggregate principal amount of SGD 225,000,000 5.10% fixed rate notes due 2025 under the USD 2,000,000,000 Multicurrency Debt Issuance Programme. The estimated net proceeds of the Notes Issue, after deduction of fees and commissions, will be approximately SGD 222 million. The Group intends to use the net proceeds from the issuance of the Notes for the refinancing of existing borrowings, financing of potential acquisition and investment opportunities which the Group may pursue in the future as well as working capital requirements and the general corporate purposes of the Group.