Sabana Industrial REIT borrower enters facility agreement with UOB

The deal is in respect of sustainability-linked term of up to $100m.

Sabana Industrial REIT’s borrower, HSBC, entered into a deal with UOB in respect of sustainability-linked term and revolving facilities of up to $100m.

The deal comprises of a 75m four-year term loan facility and a $25m foure-year revolving credit facility.

“The Facility Agreement will be utilised to refinance existing indebtedness and for general corporate purposes, asset acquisitions, asset enhancement initiatives and working capital requirements (including for the avoidance of doubt, fees and related expenses of the Facilities),” read the bourse filing.

Under the terms and conditions of the facility agreement, it shall be a review event if:

(i) ESR Group Limited ceases to hold, whether directly or indirectly, at least 50.1% of the issued share capital of Sabana Real Estate Investment Management Pte. Ltd.,

(ii) Sabana Real Estate Investment Management Pte. Ltd. ceases to be the manager of Sabana Industrial REIT and/or

(iii) Sabana Property Management Pte. Ltd. ceases to be the property manager of Sabana Industrial REIT without the prior written consent in writing of the Facility Agent (acting on the instructions of all the lenders)

If a Review Event occurs, Sabana Industrial REIT may be unable to use the Facility Agreement and if Sabana Industrial REIT and the Facility Agent (acting on the instructions of all the lenders) fail to agree on any amendments to the terms arising from the Review Event within a period of not more than 30 days (or such longer period as the Facility Agent may agree) beginning from the earlier of (a) the occurrence of a Review Event and (b) the date on which the Facility Agent receives the notification from the Borrower regarding the occurrence of the Review Event, the Facility Agreement may be cancelled and become due and payable.

No such event occurred as at the date of announcement and if such an event occurs, the aggregate level of facilities that may be affected is over $388.0m.

Also Read

One Sophia sells 30% of units at weekend launch

SLA launches tender to revitalise Tanjong Katong Complex

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit