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Frasers Commercial Trust unit to receive A$135M bank loan

Frasers Commercial Trust unit Frasers Commercial Investments No.1 Pte. Ltd. will receive a A$135 million term loan facility from the Commonwealth Bank of Australia Singapore Branch.

The facility will carry a term of four years that will start from the first drawdown date. Funds from the loan will mostly be used to refinance another existing loan facility of the same amount that was extended to Frasers Commercial Sub No. 3 Pte. Ltd., another Frasers Commercial Trust subsidiary, by the Commonwealth Bank of Australia Singapore Branch and Oversea-Chinese Banking Corp. Ltd.

The most recent loan agreement is conditional upon Frasers Commercial Asset Management Ltd. remaining as Frasers Commercial Trust's manager, and Frasers Property Ltd. directly or indirectly holding a minimum 20% stake in the trust, among other terms.

British and Malayan Trustees Ltd. is serving as Frasers Commercial Trust's trustee for the loan agreement.