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Ascendas REIT secures S$200M revolving credit facility

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Ascendas REIT secures S$200M revolving credit facility

Ascendas Real Estate Investment Trust obtained a S$200 million committed revolving credit facility maturing in 2021 via its trustee, HSBC Institutional Trust Services (Singapore) Ltd.

The industrial REIT will use the facility, which was secured without a collateral, to refinance its existing borrowings, according to a release.

An event of a default will occur if the company's manager, Ascendas Funds Management (S) Ltd., resigns, is removed or is no longer the manager or the replacement manager of Ascendas REIT. If a default takes place, a total of S$3.61 billion of facilities, debt issues and borrowings will be affected.

As of March 27, US$1 was equivalent to S$1.31.