CCT strengthening its debt profile with two new credit facilities

Loan aggregate amount totals S$650m.

OCBC notes that CCT has refinanced committed term loan facilities of an aggregate amount of S$450m and a revolving credit facility of S$100m with various expiry dates in 2014 and 2015. In addition, the trust also secured a new committed revolving credit facility of S$100m.

These set of new facilities, with an aggregate amount of S$650m, will expire on maturity dates from 2018 to 2020.

S$480m of the new facilities has already been drawn down, with S$450m to refinance the existing facilities and S$30m for capital expenditure and general working capital.

"We see this as a positive move for CCT which will significantly extend the average maturity of its debt portfolio from 2.8 years as at end 2Q13 by an additional 0.8-1.1 years, according to our estimates," said OCBC.

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