THE trustee of Frasers Hospitality Real Estate Investment Trust (FH Reit) has entered into a facility agreement with OCBC for a S$70 million revolving credit facility, the Reit manager said in a bourse filing on Friday (Dec 17).

This is in addition to an existing S$50 million revolving credit facility.

The loan facilities will default if Frasers Hospitality Asset Management is no longer the Reit manager and is also no longer a majority-owned subsidiary of Frasers Property, without promptly notifying the bank.

The Reit manager said that none of the conditions have been breached.

Around S$930.7 million in aggregate level of facilities may be affected should any of these events occur, along with a failure to prepay which causes a cross default under other borrowing of FH Reit.

This amount does not take into account the amount of loan facilities which have not been drawn down; and future notes issued under FH Reit Treasury's S$1 billion multi-currency debt issuance programme, which is guaranteed by Perpetual (Asia) in its capacity as trustee.

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Frasers Hospitality Trust is a stapled group comprising FH Reit and Frasers Hospitality Business Trust.

Units of FHT closed flat at S$0.465 on Friday.