Dasin Retail Trust said Monday the lenders for both its onshore and offshore credit facilities have agreed to extend the tenure for three months to allow the lenders more time to discuss new requests from minority lenders.
“The Trustee-Manager hopes to see a successful conclusion to the refinancing exercise soon and will make appropriate announcements in the event of any further material developments,” the trust’s manager said in a filing to SGX.
In July, Dasin Retail Trust had said it extended both the onshore and offshore facilities for five months through 19 December while it was seeking refinancing and to obtain approval from all the banks in the syndicate of lenders for the refinancing.
The offshore syndicated loan facility was for up to S$106.61 million in total, which was taken to finance the acquisition of Doumen Metro Mall in September 2019, the July filing said.
The onshore facility, included in the trust’s 2017 prospectus, was for up to around 400 million yuan in total, with a scheduled maturity of 18 July 2021, the July filing said.
In August, when Dasin Retail Trust published its results for the January-to-June period, it noted the trust was in a negative working capital position with net current liabilities of S$409.52 million and S$485.56 million, respectively.
The trust attributed that to the classification of an aggregate of S$422.66 million in aggregate offshore syndicated term loans and 375.15 million yuan (S$78.14 million) in onshore syndicated term loan related to the trust’s initial portfolio and Shiqi Metro Mall as current liabilities payable on 19 December.
Despite the net liabilities, Dasin Retail Trust said at the time it expected to could operate as a going concern as it has sufficient cash and expects adequate cash flow from operations for working capital needs; it added it was still receiving financial support from its lenders.
The first half financial statement noted Dasin Retail Trust also has a secured syndicated term loan of an aggregate S$207.9 million related to the acquisition of the Doumen Metro Mall due on 19 September 2022, and another aggregate S$231.5 million related to the acquisition of the Shunde Metro Mall and Tanbei Metro Mall due on 15 July 2022.