EC World REIT extends loan facilities

Chinese yuan (renminbi) notes. Photo by Eric Prouzet on UnsplashChinese yuan (renminbi) notes. Photo by Eric Prouzet on Unsplash

EC World REIT has reached an agreement to extend its offshore loan facilities to at least July, and potentially until end-April 2023, the REIT said in a filing to SGX Wednesday.

The offshore loan facilities have outstanding aggregate principal amounts of S$299.95 million and US$86.78 million, EC World REIT said. The REIT entered a deal to extend the maturity date of the offshore facilities to the earlier of either the maturity date of the onshore loan facilities, or end-April 2023, the filing said.

The onshore facilities are due in July — with the exception of CNY63.75 million which will expire in 2029 — with talks underway with lenders to extend the onshore facilities’ maturity date to end-April 2023, the filing said. The onshore facilities are for a total CNY906.56 million, the filing said.

For the offshore facilities, EC World REIT’s sponsor, Forchn Holdings, is required to provide an undertaking it will begin a refinancing exercise of the offshore facilities, and that by end-2022, at least 25 percent of the offshore facilities will be repaid, whether by acquiring assets from the REIT or via other methods, the filing said.