The manager of Dasin Retail announced, on Sept 19, that it has sought to extend its facility agreement up to Dec 31.
All financing parties, except one, have granted their approval of the extension. The last extension is pending from a lender, which lent some 17% of the loan.
“The lender has informed the facility agent for the financing parties under the facility agreement that the approval process is in progress and the outcome is expected by end of September,” reads the statement put out by the REIT manager.
The facility agreement was entered into on Sept 18, 2019, where the manager had entered into a three-year Hong Kong dollar (HKD) and Singapore dollar (SGD)-denominated syndicated term loan facility of up to the equivalent of approximately $106.61 million in total. The term loan facility was obtained from the Bank of China Limited, Singapore Branch, Industrial and Commercial Bank of China Limited, Singapore Branch, Industrial and Commercial Bank of China (Macau) Limited and Tai Fung Bank Limited to finance the acquisition of Doumen Metro Mall.
The facility agreement was scheduled to mature on Sept 19.
In addition, the manager says it has commenced discussions with “more than one leading Chinese enterprise for potential strategic investment with the objective of leveraging their resources to conclude the trust’s refinancing effort”.
This comes after its statement on June 20, where it sought an extension of six months from June 19 to Dec 31 from the lenders of its onshore and offshore syndicated term loan facilities.
Units in Dasin Retail Trust closed flat at 28 cents on Sept 19.