Keppel Pacific Oak US REIT Bags US$115,000,000 Loan Facility
Keppel Pacific Oak US REIT Bags US$115,000,000 Loan Facility
The loan facility was obtained through a facility agreement on 19 July.
Perpetual Asia Ltd. (PAL), Keppel Pacific Oak US REIT's trustee, has secured an option to extend a US$115,000,000 unsecured term loan facility for a period of 12 months from the maturity date.
The loan facility was obtained through a facility agreement on 19 July.
Under the agreement, Keppel Pacific Oak US REIT must pay all outstanding loans immediately if its manager ceases to be the manager.
The company must also make this mandatory prepayment if Keppel Ltd. and its subsidiaries, Pacific Oak Capital Advisors LLC and its subsidiaries, or KORE Pacific Advisors Pte. Ltd. no longer collectively own all the issued share capital of the Manager.
The mandatory prepayment event could trigger a cross default on other borrowings of Keppel Pacific Oak US REIT and its subsidiaries. As of 19 July, this could affect approximately US$695m ($934m) in other facilities, excluding interest and fees.