ARA Trust unit gets S$950 million sustainability-linked credit facility

By Mary-Katherine Stinson

Lexington, Ky., Feb. 2 – ARA Trust Management (Suntec) Ltd., as manager of Suntec Real Estate Investment Trust, announced that Suntec entered into a S$950 million sustainability-linked credit facility with various banks, according to a notice.

The new sustainability-linked loan will be used to partially refinance outstanding borrowings or for general working capital purposes, including payment of the facility fees.

The loan includes a condition that stipulates it would be an event of default if the manager ceases to be an affiliate of ARA Asset Management Ltd. or the manager ceases to be the manager of Suntec REIT and a replacement is not appointed under the trust deed terms. The total amount of the facilities which might be affected by a default, including those affected as a result of cross defaults, is about S$3,915,900,000, excluding interest.

Suntec is a Singapore-based real estate investment trust firm.

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