On May 31, EC World REIT's manager announced its offshore facility and onshore facility have been extended.
The offshore facility agreement dated May 31, with various banks, coordinated by DBS Bank and United Overseas Bank. is up to $348.9 million comprising of a multicurrency term loan facility of up to $321.9 million, a Singapore dollar term loan facility of up to $15.5 million, and a multicurrency term loan facility of up to $12.5 million.
The onshore facility, also coordinated by DBS Bank China and UOB China, is for up to RMB745.5 million consisting of two term loan facilities of RMB702.0 million and RMB43.5 million.
The offshore facility is for 11 months. It can be extended to April 30, 2026 subject to certain conditions.
For the onshore facility, the final repayment date for the RMB702 million onshore facility is on April 30, 2026. The final repayment date for the RMB43.5 million onshore facility is on on July 25, 2029.
Zhang Guobiao, chairman of Forchn Holdings Group, EC World REIT's sponsor, has provided personal guarantees of $75.7 million, and the sponsor has agreed that certain dividends, payments and/or other distributions received by the sponsor from EC World REIT BWCU will be used for prepayment of the offshore facility.
The final date of the proposed divestment of Stage 1 Properties of Bei Gang Logistics and Chongxian Port Logistics has been extended to October 31 this year. If this is not completed by the due date, a prepayment of $410 million needs to be made.
See also: CICT's manager proposes to acquire ION Orchard at $1.85 billion, subject to EGM
The other financial covenants include Zhang holding 51% of the sponsor and 25% of EC World REIT.
