Mapletree Logistics Trust secures loan with manager ownership conditions

Lenders mandate Mapletree Investments retain majority control of manager.

Mapletree Logistics Trust (MLT) announced that one of its subsidiaries has entered into a loan agreement, which contains similar conditions to those found in some of its existing debt facilities.

One of these conditions is that MLT manager Mapletree Logistics Trust Management Ltd. (MLTM) will remain a subsidiary, whether directly or indirectly, wholly-owned or majority-owned, of Mapletree Investments Pte Ltd, the sponsor of MLT, the firm said in a bourse filing on Thursday.

The aggregate amount of debt facilities that may be affected by a breach of the conditions amounts is equivalent of approximately $5.7m, it added.

This has taken into account the reduction in debt facilities which are to be repaid using the new loan agreement.

As at the date of the filing, MLT said that there has been no breach of the conditions.

Another conditions requires that MLTM will remain as manager of MLT.