MPACT units obtain S$150 million loan

[SINGAPORE] Subsidiaries of Mapletree Pan Asia Commercial Trust (MPACT) have obtained a S$150 million loan, its manager said in a bourse filing on Tuesday (Jun 23). 

It did not disclose the purpose of the multi-currency facility. 

The conditions of the loan stipulate that it would become immediately repayable if the manager resigns or is removed from its role in MPACT, if a replacement manager is not appointed in line with the trust deed, or if the manager or its replacement is no longer a direct or indirect wholly owned subsidiary of sponsor Mapletree Investments. 

Should a prepayment occur, the total exposure under the facility, assuming it is fully drawn, and MPACT’s existing borrowings that may be affected is around S$5.9 billion, excluding interest. 

Units of MPACT closed 2.4 per cent or S$0.03 higher on Tuesday at S$1.29, prior to the announcement.