Starhill Global REIT secures extended credit facility agreement

The facility was previously for three years.

YTL Starhill Global REIT Management, the manager of Starhill Global Real Estate Investment Trust (Starhill Global REIT), has announced that HSBC Institutional Trust Services (Singapore) Limited has amended and restated an existing facility agreement with a bank.

The agreement extends the current $50m unsecured and committed revolving credit facility from three to five years, effective 30 September 30, pending conditions precedent.

Under Rule 704(31) of the Singapore Exchange Listing Manual, YTL Starhill Global REIT disclosed that the lender can demand repayment if there is a “change of control event." This could occur if the manager or its affiliates cease managing Starhill Global REIT without an acceptable replacement, or if YTL Corporation Berhad, which currently owns 100% of the manager, ceases to own at least 51% of the manager’s issued share capital.

No such event has occurred, but if it did with the full amount of the credit facilities drawn, approximately $1,392.1m would be affected, the company noted.

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