FCOT – BT

FCOT secures new facility agreements to refinance $500m term loan

Frasers Commercial Trust (FCOT) has secured new facilities to refinance its existing $500 million term loan facility, its manager Frasers Centrepoint Asset Management (Commercial) Ltd said on Monday.

A transferable three-year term loan facility of S$320.0 million has been secured by a mortgage over and other security documents relating to FCOT's interest in China Square Central and 55 Market Street. The interest rate for the facility is the Singapore Swap Offer Rate plus a margin of 1.55 per cent per annum.

A transferable five-year term loan facility of S$185.0 million was secured by a mortgage over and other security documents relating to FCOT's interest in Alexandra Technopark. The interest rate for the facility is the SOR plus a margin of 1.83 per cent per annum.

"FCOT will be entering into hedging arrangements to hedge its interest rate exposure in accordancewith the terms of the new facilities," the manager said.