SPH Reit takes S$50m loan to refinance existing loans

SPH Reit Management, as manager of SPH Reit SK6U , announced on Friday (Dec 17) it is taking out a 5-year incremental facility loan of S$50 million to refinance the existing loans.

This is an amended and restated facility agreement in relation to a term loan facility of S$975 million secured by DBS Trustee in 2013.

Pursuant to Rule 704(31) of the Listing Manual of Singapore Exchange Securities Trading, the amended and restated facility agreement contains 2 provisions on change of control that are the same as those in the initial facility agreement.

First, Singapore Press Holdings, the sponsor of SPH Reit, shall directly or indirectly own at least 30 per cent of the units of the Reit. Also, the sponsor shall directly or indirectly own 100 per cent of the manager.

If a breach of the conditions occurs, the lenders are entitled to require a repayment of the aggregate facilities.

As at Dec 17, there has not been any breach of the conditions, and the sponsor has not entered into any share pledge arrangement in relation to its current shareholding in the manager, said the Reit's manager.

Units of SPH Reit ended Friday at S$0.975, up S$0.005 or 0.5 per cent.