Receive $80 Grab vouchers valid for use on all Grab services except GrabHitch and GrabShuttle when you subscribe to BT All-Digital at only $0.99*/month.
Find out more at btsub.sg/promo
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.