Tuesday, 14 March 2017

Stock Market Today:IREIT Global subsidiaries granted extension for bank loan facility of over $35.6 mil

The manager of iREIT Global has announced that four of its indirectly wholly-owned subsidiaries - namely Laughing Rock 11 B.V., Laughing Rock 12 B.V., Laughing Rock 13 B.V. and Laughing Rock 14 B.V. have together been granted an extension of a bank loan facility amounting to over 23.6 million euros ($35.6 million).

The lender is HSH Nordbank AG, a commercial bank in northern Europe with headquarters in Hamburg as well as Kiel, Germany.

In a Monday filing to the SGX, iREIT Global says the term loan facility agreement, which was entered into by the borrowers and lender on Jul 24, 2015, comprises two facilities of 78.4 million euros and 23.6 million euros, which are maturing in August 2020 and August 2017 respectively.

An agreement was signed between the two parties on Monday to amend these terms, extending the maturity date of the latter facility to July 2018.

As part of the extension, the Laughing Rock group of borrowers will make partial loan repayments in four quarterly instalments of 1.3 million euros each beginning from August 2017, which will be funded internally through existing cash balance and future operating cash flows.

The extension brings iREIT Global's weighted average debt maturity from 2.8 years to 2.9 years, assuming the extension had been effected on Dec 31. Units of iREIT Global closed 1 cent higher at 73 cents on Monday.

Hot Stocks for Intra & Contra Day Trader in SGX Market
ISR Capital
Alliance Mineral
YZJ Shipbldg SGD

No comments:

Post a Comment

Note: only a member of this blog may post a comment.