HONG KONG – (ACN Newswire) – Champion Real Estate Investment Trust (stock code: 2778) is pleased to announce the successful signing of HK$5.3 billion five-year unsecured loan facilities with nine leading financial institutions in Hong Kong.
The new five-year unsecured facilities comprise of a HK$5.0 billion term loan facility and approximately HK$300 million revolving credit facility, with interest margin of 95 basis points over HIBOR. The refinancing received strong support from the participating banks and resulted in over-subscription. In addition to refinancing the HK$3.7 billion secured loan due this year, the new term loan facility will be used to early refinance HK$1.3 billion secured loan due in 2021.
Ada Wong, Chief Executive Officer of the REIT Manager, said, “Refinancing the existing secured loan by this new 5-year unsecured loan will enhance the credit profile of Champion REIT. After refinancing, the secured debt portion will be significantly lowered from 63% to 30% and the debt maturity will be lengthened.”
About Champion REIT (stock code 2778)
Champion Real Estate Investment Trust is a trust formed to own and invest in income- producing office and retail properties. The Trust focuses on Grade-A commercial properties in prime locations. It currently offers investors direct exposure to 2.93 million sq. ft. of prime office and retail properties by way of two landmark properties, Three Garden Road and Langham Place, one on each side of the Victoria Harbour.