Starhill Global REIT enters amendment and restatement agreement with bank that granted it three-year loan of $50 mil

The agreement involves extending the loan agreement for five years from Sept 30.

The manager of Starhill Global REIT P40u has entered an amendment and restatement agreement with a bank that granted it a three-year unsecured and commitment revolving credit facility of $50 million, to extend the loan agreement for five years from Sept 30, 2024, according to a release dated June 14.

Under the terms of the facility agreement, the lender has the right to require Starhill Global REIT to repay the amount in full under two circumstances.

The first is that the manager of the REIT and any of its affiliates ceases being the manager, and a replacement manager “reasonably acceptable to the lender” is not appointed on or prior to the date of cessation.

The second is that YTL Corporation ceases to own at least 51% of the issued share capital of the manager of Starhill Global REIT.

The level of facilities that may be affected is approximately $1,392.1 million (excluding interest) as at the date of this announcement.

Units in Starhill Global REIT closed flat at 48 cents on June 14.

See Also:

• Click here to stay updated with the Latest Business & Investment News in Singapore

• Starhill Global REIT 3QFY2023/2024 NPI down 0.9% y-o-y, gearing rises to 37.2%

• Isetan (Singapore)'s controlling shareholder makes privatisation offer at $7.20 per share

• Starhill Global REIT's 1HFY2023/2024 DPU down 2.2% y-o-y to 1.78 cents

• Read more stories about where the money flows, and analysis of the biggest market stories from Singapore and around the World

• Get in-depth insights from our expert contributors, and dive into financial and economic trends

• Follow the market issue situation with our daily updates

• Or want more Lifestyle and Passion stories? Click here