Singapore Press Holdings Real Estate Investment Trust (SPH REIT) Management has established varying tenures for the $975m term loan facility which DBS Trustee secured earlier in the month, a filing with the Singapore Exchange (SGX ) has revealed.
The overall loan was broken down into a four-year loan of $95m, a five-year loan of $65m, and a five-year loan of $50m.
SPH REIT said that the proceeds from the incremental facility loans will be used to refinance a $210m loan.
The company also announced two provisions on change of control from the facility agreement. According to the release, SPH, the sponsor of SPH REIT, will directly or indirectly own at least 30% of the units of SPH REIT, and 100% of SPH Reit Management.