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Overview

Bank of China contributes to SGD 370 million syndicated loan facility to Frasers Hospitality Real Estate Investment Trust for debt refinancing

Commitments (Constant USD, 2023)$93,793,699
Commitment Year•2019Country of Activity•SingaporeDirect Recipient Country of Incorporation•SingaporeSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jun 27, 2019

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • DBS Bank Ltd.
  • Malayan Banking Berhad (Maybank)

Receiving agencies

Private Sector

  • Perpetual (Asia) Limited (as trustee of Frasers Hospitality Real Estate Investment Trust)

Loan description

Bank of China contributions to SGD 370 million 2019 syndicated loan facility for debt refinancing with Frasers Hospitality REIT

Interest type•Unknown

Narrative

Full Description

Project narrative

On June 27, 2019, a group of three banks -- including Bank of China -- announced the signing of a SGD 370 million syndicated loan facility to Perpetual (Asia) Limited, in its capacity as trustee of Frasers Hospitality Real Estate Investment Trust (FH-REIT). The facility is divided into two tranches: a SGD 350 million term loan facility and an SGD 20 million revolving credit facility. Lending details are unknown. Proceeds from the loan are to be used to repay an outstanding SGD 325 million remaining under a previous term loan facility issued to FH-REIT in 2014. The loan has mechanisms in place to default in the event that Frasers Hospitality Asset Management is no longer the manager of FH-REIT or is no longer a majority-owned subsidiary of Frasers Property. The lending syndicate consists of DBS Bank, Malayan Banking Bhd (Maybank), and Bank of China.

Staff comments

1. AidData is unable to ascertain whether Bank of China contributed to either or both tranches of the facility. 2. AidData is unable to ascertain individual contributions the facility by each member of the syndicate, therefore equal contributions have been assumed (370/3 = 123.33).