Yahoo Finance ELOG enters into $69.6 mil unsecured loan facility agreement
Units in ELOG closed 1.5 cents lower or 4.29% down at 33.5 cents on Oct 13.
The trustee of ESR-LOGOS REIT (ELOG), RBC Investor Services Trust Singapore Limited, has entered into a 7.1 billion yen ($69.6 million) unsecured loan facility agreement.
According to the REIT manager, the proceeds of the term loan facility will partially finance the equity portion of the REIT's acquisition of ESR Sakura Distribution Centre.
The proceeds of the loan will also go towards financing other acquisition and, or transaction-related costs as well as the trustee’s general working capital purposes.
Under the terms of the facility agreement, the loan will mature 48 months from the first utilisation date.
The facility agent will also review the terms of the agreement should the manager of the REIT resigns or is removed without the prior consent of the majority lenders. The terms of the agreement will also be reviewed should ESR Group, the sponsor of ELOG, ceases to hold at least 50.1% of the share capital of the REIT manager, among other terms.
MUFG Bank, Ltd. and Sumitomo Mitsui Banking Corporation Singapore Branch were the mandated lead arrangers, bookrunners and original lenders. Sumitomo Mitsui Banking Corporation Singapore Branch was also the facility agent.
Units in ELOG closed 1.5 cents lower or 4.29% down at 33.5 cents on Oct 13.
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