CCT Secures Committed Facilities for Refinancing of S$570.0 million Loan due 2012
CCT secures committed facilities for refinancing of S$570.0 million loan due 2012
Increased financial flexibility with seven unencumbered assets valued at S$3.9 billion
Singapore, 13 December 2011 – CapitaCommercial Trust Management Limited, the Manager of CapitaCommercial Trust (CCT), is pleased to announce that HSBC Institutional Trust Services (Singapore) Limited, as trustee of CCT, has today secured an aggregate of S$450.0 million committed bank facilities without using any property as security. The facilities, expected to be drawn down in March 2012, are a combination of S$350.0 million term loans and S$100.0 million revolving credit facility with various maturities of up to 3.25 years. These facilities, together with the S$200.0 million 3.25 per cent notes due December 2015 issuance announced by the Manager on 2 December 2011, assure that CCT will have sufficient bank and debt facilities to refinance the S$570.0 million secured term loan due in March 2012.
Ms. Lynette Leong, Chief Executive Officer of the Manager, said, “We are pleased to have the strong support and commitment from banks and debt investors notwithstanding the current global economic uncertainty. As part of our proactive capital management strategy, we have secured total committed funding of S$650.0 million from banks and the debt capital market to refinance the S$570.0 million term loan, well ahead of its maturity in March 2012. The balance committed funding will be deployed for CCT’s corporate funding purposes when the need arises.”
“The current mortgage of Capital Tower will be discharged after refinancing the S$570.0 million term loan secured on Capital Tower in March 2012 with the new, unsecured facilities. As a result, seven properties with a total asset value of S$3.9 billion out of CCT’s portfolio of nine properties will be free from encumbrances. This will provide us with further financial flexibility in managing CCT’s capital and balance sheet,” added Ms Leong.