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It comprises $350 million in bank loans and a $20 million revolving credit facility between the company’s trustee Perpetual Asia and lenders DBS Bank, Bank of China Singapore branch and Maybank Singapore branch.
Frasers Hospitality Real Estate Investment Trust (FH-REIT) has entered into a $370 million bank loan facility, revealed the REIT manager in an SGX filing.
This comprises $350 million in bank loans and a $20 million revolving credit facility between the company’s trustee Perpetual Asia and lenders DBS Bank, Bank of China Singapore branch and Maybank Singapore branch.
The loan facilities will default when Frasers Hospitality Asset Management resigns or is removed as manager of FH-REIT and is not substituted by a Monetary Authority of Singapore (MAS)-approved replacement.
It will also default if the REIT manager ceases to be a majority-owned unit of Frasers Property.
“None of the events described under the relevant conditions has occurred and none of the conditions described under the relevant conditions has been breached,” said Frasers Hospitality Asset Management.
Should an event under the relevant conditions happens, and a failure to prepay results in a cross-default under FH-REIT’s other borrowings, the aggregate level of facilities that could be affected is around $799 million.
“This does not take into account the amount of the loan facilities which have not been, and which remain available for, drawdown and future notes issuances under the $1 billion multicurrency debt issuance programme of FH-REIT Treasury (a wholly-owned subsidiary of FH-REIT) and guaranteed by Perpetual Asia.”
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
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