Keppel Infrastructure Trust enters into S$300m facility agreement

THE trustee-manager of Keppel Infrastructure Trust (KIT) announced on Tuesday that KIT has entered into an unsecured S$300 million facility agreement with various lenders to partially finance its proposed acquisition, Philippine Tank Storage International (PTSI).

PTSI owns the largest petroleum products import storage facility in the Philippines.

The trustee-manager had announced last month that it had, together with its Philippine partner Metro Pacific Investments Corporation (MPIC), entered into a conditional agreement to fully acquire PTSI.

Upon completion of the deal, KIT will indirectly hold 80 per cent of the shares in PTSI, and MPIC will indirectly hold the remainder. KIT's purchase consideration, proportionate to its shareholding, is estimated at US$267 million.

Units of KIT closed flat at S$0.54 on Tuesday.