Mapletree Pan Asia Commercial Trust (MPACT) and one of its subsidiaries have obtained a loan facility of HK$600 million ($102.94 million), according to a bourse filing on March 19.
The facility is guaranteed by DBS Trustee in its capacity as a trustee of MPACT. The trust did not indicate what the loan facility would be used for.
In a bourse filing, the manager said that the facility contains conditions where mandatory prepayment events may occur.
This includes the resignation or removal of the manager of MPACT without the prior consent of the facility lender; replacement manager not appointed in accordance with the terms of the trust deed constituting MPACT and or the replacement manager is not a direct or indirect wholly-owned subsidiary of Mapletree Investments.
Should any prepayment occur, the aggregate level of facility and existing borrowings of MPACT that may be affected is about $6,077.1 million excluding interest.
Units in MPACT closed 1 cent higher or 0.806% up at $1.25 on March 19.
