Cache LogisticsTrust's manager, ARA Trust Management (Cache) Ltd., agreed to refinance part of its existing Singaporean dollar loan facilities into a new 5.5-year S$265 million unsecured debt facility.

The new facility, under a deal signed with DBS Bank Ltd., comprises a S$200 million term loan and a committed revolving credit facility of S$65 million.

Roughly 84% of Cache's total borrowings and 88% of its property portfolio will become unencumbered, with the company's Singapore portfolio becoming fully unencumbered, as a result of the refinancing.

The company's weighted average dept expiry will increase to 4.1 years from 2.2 years as at Sept. 30, and it will have no refinancing requirements for Singapore-dollar loan facilities until the second half of 2021.

As of Oct. 16, US$1 was equivalent to S$1.37.