StarHill Gbl – BT

Starhill gets $496m facility

STARHILL Global Reit secured a three-year, $496 million facility from a five-bank syndicate. DBS, OCBC Bank, Commonwealth Bank of Australia, Societe Generale and ING Bank took part. OCBC was facility and security agent.

The facility includes a $50 million revolving credit facility and will be secured over Starhill Global REIT Trustee’s interest in shopping and office complex Ngee Ann City.

The Reit manager said the facilities will be used to refinance $447 million of secured debts comprising a $220 million two-year facility of which $67 million is outstanding and a $380 million five-year term loan, both maturing in September 2010. The rest of the money raised will be used for working capital and general corporate funding.