First Reit secures up to S$400 million in syndicated secured loans from OCBC

FIRST Real Estate Investment Trust (First Reit) has secured up to S$400 million in syndicated secured financing facilities from OCBC Bank, its manager Bowsprit Capital Corporation announced on Tuesday.

The facilities consist of a three-year, four-year, and five-year Singapore dollar term loan facility, as well as a three-year dual currency revolving credit facility available in Singapore or US dollar.

The quantum of each facility is for up to S$100 million.

The facilities will be used to partially refinance outstanding bank loans, fund property investments as well as meet working capital requirements, said the Reit manager's chief executive, Victor Tan.

OCBC will be the mandated lead arranger and bookrunner for the facilities and will fully underwrite the facilities subject to certain terms and conditions.