FCT signs $155m credit pact with OCBC

HSBC will be the trustee of FCT under the facility agreement.

HSBC Institutional Trust Services (Singapore), in its capacity as a trustee of Frasers Centrepoint Trust (FCT), signed a $155m revolving credit facility agreement with lender Oversea-China Banking Corporation.

In a disclosure, FCT said the facility agreement has specified conditions which stated that mandatory prepayment will occur without the consent of the bank if FCT or any other person approved by OCBC is no longer the manager of FCT and is not replaced by a substitute manager approved by the Monetary Authority of Singapore.

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Mandatory prepayment will also take place if Frasers Property Limited does not own at least 51% of the shares of the manager.

“None of the events described under the Specified Conditions in the Facility Agreement has occurred,” it said.

If the specified conditions occur and a failure to prepay leads to a cross-default, the total facilities that may be affected are estimated at $1,708.5m, excluding interest and exclusive of the facility.