Dasin Retail Trust announces ‘events of default’ under $106.61m offshore facility
All commitments under the facility will be immediately cancelled.
Dasin Retail Trust announced that “events of default” had occurred and are continuing under its Singapore dollar and Hong Kong dollar-denominated offshore syndicated term loan facility of up to $106.61m.
Based on the continuing “events of default,” the Bank of China has declared that all commitments under the facility are “immediately cancelled.” Bank of China serves as the facility agent of the offshore facility.
Bank of China also declared that the “loans together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents are immediately due and payable.”
“The loans are immediately payable on demand,” added the facility agent.
As of 25 July, the trust’s total outstandings amount to $55.6m and HK$297.6m. The total outstandings plus all additional interest and applicable default interest calculated in accordance with the offshore facility until payment is made, and indemnity obligations arising under the Finance Documents are immediately due and payable by Dasin Retail Trust Management.