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Soilbuild Business Space Reit has entered into a $200 million secured facility agreement with RHB and OCBC.
With a term of 4.5 years, the facility will be partially used to refinance an existing loan of $185 million, with a $15 million balance available for drawdown in the next one year for general corporate funding purposes, said the trust’s manager in an SGX filing.
Assuming the refinancing was completed on Thursday (19 October), Soulbuild Reit’s weighted average debt maturity would have increased to 2.9 years from 2.1 years.
Post refinancing, Solaris remains the single encumbered property within Soilbuild Reit’s portfolio.
“In line with our proactive capital management strategy, we have refinanced the existing $185 million loan ahead of its expiry in March 2020 when the opportunity arose for refinancing with cost savings. We continuously strive to improve Soilbuild Reit’s debt profile with the help of our valued banking partners,” said Roy Teo, chief executive officer of the trust’s manager.
This article was edited by Keshia Faculin.
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