First REIT

[hohk]

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."

[weijian]

As anticipated by VBs that a rights issue is imminent, 98 rights for 100 shares at 20cents (~50% discount to last traded price).

PROPOSED RIGHTS ISSUE

First REIT undertakes an equity fund raising exercise to repay the difference between S$400 million and S$260 million, being S$140 million. The Manager intends to finance the S$140 million from the Proposed Rights Issue.

First REIT is therefore carrying out the Proposed Rights Issue for the purposes of, among others, repayment of part of the 2018 Secured Loan Facilities to complete the refinancing exercise and avoid an imminent default of the S$196.6 million repayment obligation on 1 March 2021, master lease restructuring costs, as well as for working capital purposes

https://links.sgx.com/FileOpen/First_REI...eID=643474

[brattzz]

pengx... 50% dilution... good call VBs!!

[weijian]

Question 10 is actually interesting as someone speculated that the current issues are a result of "lines drawn across family members". I do not have much insight on these familial ties though.

RESPONSE TO SUBSTANTIAL AND RELEVANT QUESTIONS RECEIVED FROM SIAS-FIRST REIT VIRTUAL DIALOGUE SESSION

The Board together with the Management took a proactive approach as it was critical to move resolutely to renegotiate a new plan to restructure all the MLAs with LPKR following LPKR’s unilateral announcement in June 2020

https://links.sgx.com/FileOpen/Response_...eID=644678

[weijian]

Subscription by OPMI = 65.78% + 18.94% - 19.72% = 65%
% of OPMI who subscribed = 65/(100-19.72) = 81%

In a way, 4 out of 5 OPMIs continue to put in more money with the Riadys (quite similar to the support they had to proceed with the rights issue)

RENOUNCEABLE AND NON-UNDERWRITTEN RIGHTS ISSUE FINAL RESULTS OF THE RIGHTS ISSUE

https://links.sgx.com/FileOpen/First_REI...eID=648840