DASIN Retail Trust : CEDU 0% has received a notice of default occurring under a Singapore dollar and US dollar denominated offshore syndicated term loan facility of up to S$430 million.

The offshore facility was announced in 2021 and 2022. Together with a 400 million yuan (S$74.8 million) onshore facility, it was used to finance the acquisitions of the trust’s initial portfolio comprising Xiaolan Metro Mall, Ocean Metro Mall, Dasin E-Colour and Shiqi Metro Mall.

In a bourse filing late on Monday (Aug 14), the trust said that it had received a notice dated Aug 10 by the Singapore branch of Maybank in its capacity as the facility agent. 

The trust was notified that one or more events of default has or had occurred and are continuing under the offshore facility. 

On instruction of the majority lenders, the facility agent had declared that commitments were to be “cancelled and reduced to zero” upon the date of notice, and that the “loans and the accrued interest as well as all other amounts accrued or outstanding under the finance documents” are “immediately due and payable”. 

According to Maybank, the defaulting principal sums are US$129.9 million and S$234.1 million. These, plus the accruing interest of US$6.8 million and default interest of S$10.8 million as at Aug 10, are immediately due and payable by the trustee-manager. 

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign UpVIEW ALL

To reiterate its announcement dated Aug 11 in relation to the default of a separate S$106.6 million offshore facility, the trust said its trustee-manager is exploring available restructuring options under the various loan facilities. 

The trustee-manager will make further announcements if there are any material developments which warrant disclosure, the trust added. 

Units of Dasin Retail Trust closed at S$0.093, down 1.1 per cent or S$0.001 on Monday.