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.