OUE H-Trust obtains S$980m of facilities to partially refinance debt
THE real estate investment trust (Reit) portion of the stapled OUE Hospitality Trust (OUE H-Trust) has obtained S$980 million of loan facilities to partially refinance its existing debt.
The new facilities comprise two term loan facilities and two revolvers, according to a filing with the Singapore Exchange. The lenders are BNP Paribas, DBS Bank, OCBC Bank and Standard Chartered.
Proceeds of the new facilities will be used to repay part of an existing S$630 million syndicated facility dated July 2013; a S$295 million syndicated facility dated January 2015; and a S$270 million syndicated facility dated June 2016. Some of the proceeds will also be used for working capital and general corporate purposes.
Under the new facility, if trust sponsor OUE ceases to own at least 51 per cent of the Reit manager without prior consent from the lending banks, the banks may demand prepayment of the facility.
OUE must also hold at least 20 per cent of the stapled securities of OUE H-Trust, among other conditions, to avoid triggering default. OUE H-Trust staples units of OUE Hospitality Reit and OUE Hospitality Business Trust.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Nestle sales growth sputters on US slump, vitamin snags
BNP Paribas beats estimates as lower costs offset trading slump
TikTok ultimatum puts US firms in firing line for China response
Toyota and Nissan pair up with Tencent and Baidu for China AI arms race
BHP targets Anglo American in bid valuing miner at US$39 billion
FTSE 100 hits record high on big mining M&A, earnings push