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Singapore : CCT refinances $570million secured term loan
Publish Date : 17-Mar-2012
The manager of CapitaCommercial Trust (CCT), CapitaCommercial Trust Management Limited, on Friday said it has refinanced the $570 million term loan secured on Capital Tower.
The refinancing is funded by $480 million bank facilities without using any property as security and $90.0 million cash.
Following the repayment of the term loan secured on Capital Tower, the security over Capital Tower will be discharged by the lenders.
Additionally, CCT has also obtained an aggregate of $250 million committed bank facilities and a $100 million revolving credit facility.
The aggregate of these bank facilities is S$800 million, of which S$480 million were drawn down today to repay the term loan secured on Capital Tower.
The undrawn bank facilities of $320 million will be utilized for payment of acquisitions, to refinance borrowings, to on-lend to any entity in which CCT has an interest, to finance any asset enhancement works initiated by CCT and for the general working capital of CCT in future.
