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IREIT Global's indirect wholly-owned subsidiaries have secured an extension on the repayment of a bank loan facility of over 23.6 million euros (S$35.6 million), its manager said after Monday trading close.
The four subsidiaries, namely Laughing Rock 11 BV, Laughing Rock 12 BV, Laughing Rock 13 BV and Laughing Rock 14 BV have entered into an amendment agreement with HSH Nordbank AG for the purpose of extending the maturity date of a 23.6 million euros facility to July 2018 from Aug 2017.
The four subsidiaries will make partial loan repayments in four quarterly instalments of 1.275 million euro each starting from Aug 2017 following the extension of the loan maturity. The instalments will be funded internally through existing cash balance and future operating cash flows.
Following the extension, on a pro forma basis as at Dec 31 2016, IReit Global's weighted average debt maturity will increase from 2.8 years to 2.9 years.