Dasin Retail Trust has secured further extension for the onshore syndicated term loan facilities of up to the equivalent of RMB400 million and the offshore syndicated term loan facilities of up to the equivalent of $430 million.
The loans, due on July 18, will now be due on Dec 19.
Dasin Retail Trust Management, the trust’s manager, notes that the further extensions would allow the trust to jointly coordinate the refinancing of the offshore facilities and with that for the Doumen Facilities.
see also: Dasin Retail Trust's price action suggests loan extension is successful
The trust’s manager is “still seeking” to secure refinancing of the outstanding loans and “is working to obtain the approvals for the refinancing from all the banks within the respective syndicate of lenders.”
On July 19, Dasin Retail Trust’s manager announced that Zhang Zhencheng, chairman and controlling shareholder of trust manager, as well as controlling unitholder of the trust had entered into a sale and purchase agreement with a unit of Sino-Ocean Capital for Sino-Ocean to acquire a 70% stake in the trustee manager, subject to regulatory approvals.
Sino-Ocean - which already owns 6.36% of Dasin - will also be granted a call option to acquire an additional stake in the trust such that its total stake can be as high as 26%.
As at Dec 31 2020, the trust’s portfolio comprises seven retail malls in China, located in Zhongshan, Zhuhai and Foshan cities in Guangdong, hosting a tenant base of more than 500 retailers.
They are valued at around RMB11.6 billion ($2.3 billion).
Dasin Retail Trust closed July 19 at 54 cents, up 5.94%.
