ARA US Hospitality enters into $75 million unsecured loan facility

Chicago, Dec. 12 – Singapore’s Ara entered into a $75 million loan facility comprised of a $66 million term loan and a $9 million revolving credit facility on Thursday, according to a company notice.

The entities involved are ARA Trust Management (USH) Pte. Ltd. as manager of ARA US Hospitality Property Trust, and ARA Business Trust Management (USH) Pte. Ltd. as trustee-manager of ARA US Hospitality Management Trust.

Certain conditions exist which could trigger a mandatory prepayment event.

Should a prepayment event occur, the aggregate level of the facilities, if fully drawn down, and existing borrowings that may be affected as a result of a cross default is approximately $319.3 million.

DBS Bank Ltd. was the sole issuer manager.

DBS, Oversea-Chinese Banking Corp. Ltd. and United Overseas Bank Ltd. were the joint financial advisers and joint global coordinators.

DBS, Oversea-Chinese Banking Corp. Ltd., United Overseas Bank Ltd. and Credit Suisse (Singapore) Ltd. were the joint bookrunners and underwriters.

Proceeds will partially be used for acquisition purposes.

Ara is a Singapore-based real estate investment trust.

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