STARHILL Global Real Estate Investment Trust has obtained a three-year unsecured and committed revolving credit facility of S$40 million from UOB, its manager announced on Monday evening.
Under the facility agreement, UOB has the right to require Starhill Global Reit to repay all the amounts owed, in the event that the manager or any of its affiliates ceases to be the Reit's manager and a replacement manager reasonably acceptable to UOB is not appointed on or prior to the date of such cessation.
UOB also has the right to seek repayment if the Reit's sponsor YTL Corporation Berhad ceases to own at least 51 per cent of the manager's issued share capital. YTL Corporation Berhad indirectly owns all the issued share capital of the manager. Assuming that a change of control event occurs when the full amount of Starhill Global Reit's committed revolving credit facilities has been drawn, the total amount of facilities that may be affected as at Oct 5 is about S$1.57 billion, excluding interest, the manager said.
Units of Starhill Global Reit were trading at 44.5 Singapore cents as at 9.17am on Tuesday, up 0.5 cent or 1.1 per cent.
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