The Reit’s manager did not disclose what the proceeds from the loan will be used for
MAPLETREE Pan Asia Commercial Trust (MPACT) has obtained a HK$1 billion (S$169.8 million) term loan facility, its manager said on Friday (Aug 23).
The facility is guaranteed by DBS Trustee in its capacity as the real estate investment trust’s (Reit) trustee. The Reit ’s manager did not disclose what the proceeds from the loan will be used for.
In a bourse filing, the manager said that the facility contains conditions where a mandatory prepayment event may occur.
These conditions include the resignation or removal of the manager without prior consent from the facility’s lender; the appointment of a replacement manager not in accordance with the Reit’s trust deed terms; and the occurrence that the replacement manager is not a direct or indirect wholly owned subsidiary of the Reit’s sponsor, Mapletree Investments.
If a prepayment event occurs, the aggregate level of the facility, assuming it is fully drawn down, and MPACT’s outstanding borrowings that may be affected is about S$5.9 billion, excluding interest.
At the time of the announcement, the Reit’s manager said none of these conditions has been breached.
MPACT units closed flat at S$1.32, before the news.
