SPH REIT secures 5-year refinancing for $280m loan

Portfolio weighted average debt term to maturity expected to increase to three years.

SPH REIT has secured the refinancing of an existing $280m loan due in July 2020, for a new term of five years from Oversea-Chinese Banking Corporation Limited (OCBC), an announcement revealed.

Also read: SPH REIT's NPI jumped 18.1% to $103.5m in H1

This will help SPH REIT maintain a healthy balance sheet with the gearing remaining at approximately 29.3%, with no other refinancing required until June 2021. Portfolio weighted average debt term to maturity expected to increase from 2.2 years to three years.

“In anticipation of the challenges posed by the prolonged Covid-19 situation, we believe that this will provide us with greater capital management flexibility to safeguard the interests of our investors,” said SPH REIT's CFO Benjamin Kuah.

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