MPACT enters into HK$600 million term loan facility
Mapletree Pan Asia Commercial Trust secures HK$600 million loan with DBS Trustee guarantee.
Mapletree Pan Asia Commercial Trust (MPACT) and its subsidiary have entered into a HK$600 million ($104 million) term loan facility, guaranteed by DBS Trustee Limited in its capacity as trustee of MPACT.
The facility contains conditions where a mandatory prepayment event may occur if the manager of MPACT resigns or is removed as a manager without prior consent in writing of the lender of the facility, if the replacement manager is not appointed in accordance with the terms of the trust deed constituting MPACT, and lastly, if the replacement manager is not a direct or indirect wholly-owned subsidiary of Mapletree Investments, sponsor of MPACT.
Should any prepayment event occur, the aggregate level of the facility and existing outstanding borrowings of MPACT that may be affected is around $6.69 billion.
Units in Mapletree Pan Asia Commercial Trust N2iu
closed flat at $1.22 on July 9.
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