Frasers Centrepoint Trust secures S$400 million green loan facility

[SINGAPORE] Frasers Centrepoint Trust (FCT) has entered into a S$400 million green loan facility, the trust’s manager announced in a bourse filing on Wednesday (Jan 7).

The facility involves a green term loan and revolving credit facilities, in an agreement between the trust and lenders DBS, OCBC and Maybank.

The agreement includes clauses relating to the management of FCT.

For instance, prepayment would be required if the current manager – a subsidiary of Frasers Property – ceases to manage FCT and is not replaced by a substitute manager approved by the Monetary Authority of Singapore.

Prepayment would also be required if Frasers Property ceases to own at least 51 per cent of the shares of the manager, whether directly or indirectly.

The manager said an aggregate of around US$2.68 billion in facilities would be affected if mandatory prepayment were to occur. No such event to trigger prepayment has occurred as at Wednesday, it added.

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FCT’s retail portfolio includes malls such as Northpoint City Mall.

Units of FCT closed S$0.01 or 0.4 per cent lower, at S$2.27, on Wednesday, before the announcement.