Frasers Commercial Trust prepays loans

It used 44.6% of the net proceeds from the sale of Keypoint.

Frasers Centrepoint Asset Management (Commercial) Ltd., in its capacity as the manager of Frasers Commercial Trust, announced that S$159.5 million of the net proceeds from the divestment of S$357.8 million had been utilised to partially prepay the following: S$90 million of the S$320 million transferable term loan facility under the facility agreement dated 25 June 2012; and S$69.5 million of the A$86 million transferable term loan facility under the facility agreement dated 5 April 2012.

The amount of loans outstanding under the S$320 million facility and A$86 million facility after the partial loan prepayments are S$230 million and A$31 million, respectively.

The S$320 million facility is secured by a mortgage over China Square Central and 55 Market Street and other securities granted by FCOT, and the A$86 million facility is secured by a mortgage over Caroline Chisholm Centre and other securities granted by relevant subsidiaries of FCOT.

Following the partial loan prepayments, Frasers Centrepoint Asset Management (Commercial) Ltd. intends to, subject to the approval by the lenders under certain terms and conditions, seek the release of 55 Market Street and Caroline Chisholm Centre as securities after the partial loan prepayments.