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Perennial Holdings unit secures S$250m loan facility

PERENNIAL Treasury, a subsidiary of real-estate developer Perennial Real Estate Holdings, on Friday said it has secured a loan facility of S$250 million.

The purpose of the loan, its parent company said, is to partially fund the repayment of the real estate developer’s S$280 million, 4.55 per cent retail bonds, which are maturing on April 29.

The difference (S$30 million) and the interest accrued up to (but excluding) the redemption date, will be funded via internal resources, the company said in a statement. It added that the retail bonds will be fully redeemed and cancelled on the redemption date.

The loan is not expected to have a material impact on the earnings per share or the net tangible assets of Perennial for the financial year ending Dec 31, 2020.

Perennial focuses on large-scale mixed-use developments and has a presence in China, Singapore, Malaysia, Indonesia, Myanmar, Sri Lanka and Ghana. The company is also a healthcare services owner, operator and provider in China, and has two core business segments: hospitals and medical centres, as well as eldercare and senior housing.

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In Singapore, Perennial has invested in and/or manages properties such as Capitol Singapore, Chijmes and Chinatown Point.

Shares of Perennial Holdings closed up 0.5 Singapore cents or 1.6 per cent to finish at 31.5 cents on Friday, before the announcement was made.

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