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Suntec REIT's trustee secures S$500M loan facility

HSBC Institutional Trust Services (Singapore) Ltd., as trustee of Suntec Real Estate Investment Trust, obtained a S$500.0 million loan facility from a syndicate of lenders to refinance a portion of its outstanding debt and/or fund general working capital expenditures.

The validity of the credit facility is subject to, among other things, ARA Trust Management (Suntec) Ltd. maintaining its position as manager of the Singapore-listed real estate investment trust and retaining its status as an affiliate of ARA Asset Management Ltd.

In case of a default, an estimated S$3.50 billion of facilities will be affected, according to a news release.

As of Oct. 12, US$1 was equivalent to S$1.38.