30-11-2020, 10:52 AM
There is that concern of the SGD 140mil shortfall that needs to be funded (by Mar 2022?) ..perhaps another Rights issue again??
"In order to meet the S$196.6 million repayment obligations on 1 March 2021 under the 2018
Secured Loan Facilities, the Manager is currently in discussions with lenders (collectively, the
“Refinancing Banks”) to refinance the 2018 Secured Loan Facilities with a term loan facility of
up to S$260 million (the “Refinancing Facility”).
The maximum amount of S$260 million contemplated under the Refinancing Facility, which has
not been finalised or agreed, is lower than the amount of S$400 million under the 2018 Secured
Loan Facilities because of the lenders’ concerns over the uncertainty relating to the valuations
and cash flows of First REIT’s assets and the potential negative impact of any master lease
restructuring. The lenders also require First REIT to repay the difference between S$400 million
and S$260 million, being S$140 million. The Manager is currently considering how the S$140
million should be financed and will announce details in due course once they become available."
"In order to meet the S$196.6 million repayment obligations on 1 March 2021 under the 2018
Secured Loan Facilities, the Manager is currently in discussions with lenders (collectively, the
“Refinancing Banks”) to refinance the 2018 Secured Loan Facilities with a term loan facility of
up to S$260 million (the “Refinancing Facility”).
The maximum amount of S$260 million contemplated under the Refinancing Facility, which has
not been finalised or agreed, is lower than the amount of S$400 million under the 2018 Secured
Loan Facilities because of the lenders’ concerns over the uncertainty relating to the valuations
and cash flows of First REIT’s assets and the potential negative impact of any master lease
restructuring. The lenders also require First REIT to repay the difference between S$400 million
and S$260 million, being S$140 million. The Manager is currently considering how the S$140
million should be financed and will announce details in due course once they become available."