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Soilbuild Business Space Reit gets S$200m credit facility, to refinance debts
THE manager of Soilbuild Business Space REIT has entered into a S$200 million secured facility agreement with OCBC Bank and RHB.
The Singapore-listed Reit said after Thursday trading hours, the facility will be partially utilised to refinance an existing S$185 million secured loan in October 2017 with a balance of S$15 million available for drawdown over the next one year for general corporate funding purposes.
The facility has a term of 4.5 years. Assuming the refinancing is completed as of Thursday, the weighted average debt maturity of Soilbuild Reit would have increased from 2.1 years to 2.9 years.
Post-refinancing, Solaris remains the single encumbered property in Soilbuild Reit's portfolio.