FRASERS HOSPITALITY TRUST SGX-ST ANNOUNCEMENT
For immediate release
A hospitality stapled group comprising:
Frasers Hospitality Real Estate Investment Trust
(a real estate investment trust constituted on 12 June 2014 under the laws of
the Republic of Singapore) and
Frasers Hospitality Business Trust
(a business trust constituted on 20 June 2014 under the laws of the Republic of Singapore)
Disclosure pursuant to Rule 704(31) of the SGX-ST Listing Manual
Pursuant to Rule 704(31) of the Listing Manual of the Singapore Exchange Securities Trading Limited ("SGX-ST"), Frasers Hospitality Asset Management Pte. Ltd., in its capacity as manager of Frasers Hospitality Real Estate Investment Trust ("FH-REIT", and in such capacity, the "Manager"), wishes to announce that Perpetual (Asia) Limited, as trustee of FH-REIT has entered into the following loan facility with the condition (the "Relevant Condition") as set out below which makes reference to a change in the manager of FH-REIT, or places restrictions on a change of control of the Manager.
Loan Facility | Relevant Condition | |
S$70 million revolving credit facility between (i) | It is a condition that if a Change of Manager or | |
Perpetual (Asia) Limited (in its capacity as trustee | Change in Control occurs, the Borrower shall | |
of FH-REIT), as borrower and (ii) Oversea- | promptly notify (or procure the Manager to | |
Chinese Banking Corporation Limited (the | notify) the Bank upon becoming aware of that | |
"Bank"), as the lender, supplemental and in | event. The Bank may, after the expiration of five | |
addition to an existing S$50 million revolving credit | (5) Business Days, issue a notice to cancel the | |
facility, aggregating to revolving credit facilities of | Facilities and declare all amounts immediately | |
S$120 million (the "Facilities"), between the same | due and payable. | |
parties. | ||
For the purpose of the above condition: | ||
(i) | A "Change of Manager" means the | |
Manager resigns or is removed as a | ||
manager of the FH-REIT and is not | ||
replaced by a substitute approved by the | ||
Monetary Authority of Singapore. | ||
(ii) | A "Change in Control" means the Manager | |
ceases to be at least 51% owned (directly | ||
or indirectly) by Frasers Property Limited. | ||
None of the events described under the Relevant Condition has occurred and none of the conditions described under the Relevant Condition has been breached. Assuming an event under the Relevant Condition occurs, and a failure to prepay or repay causes a cross default under other borrowings of FH-REIT, the aggregate level of facilities that may be affected is approximately S$930.7 million (excluding interest and exclusive of the facility/facilities which is the subject of this announcement) as at the date of this announcement. This does not take into account (i) the amount of the loan facilities
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which have not been, and which remain available for, drawdown and (ii) future notes issuances under the S$1,000,000,000 multicurrency debt issuance programme of FH-REIT Treasury Pte. Ltd. (a wholly-owned subsidiary of FH-REIT) and guaranteed by Perpetual (Asia) Limited (in its capacity as trustee of FH-REIT).
BY ORDER OF THE BOARD
Frasers Hospitality Asset Management Pte. Ltd.
As manager of Frasers Hospitality Real Estate Investment Trust
Company Registration No: 201331351D
Frasers Hospitality Trust Management Pte. Ltd.
As trustee-manager of Frasers Hospitality Business Trust
Company Registration No: 201401270M
Catherine Yeo
Company Secretary
17 December 2021
For further information, kindly contact:
Investor Relations
Frasers Hospitality Asset Management Pte. Ltd.
T +65 6349 0423
- ir@frasershospitality.com
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Important Notice
The value of the stapled securities in Frasers Hospitality Trust ("FHT", and the stapled securities in FHT, the "Stapled Securities") and the income derived from them, if any, may fall or rise. The Stapled Securities are not obligations of, deposits in, or guaranteed by, Frasers Hospitality Asset Management Pte. Ltd., as manager of FH-REIT and Frasers Hospitality Trust Management Pte. Ltd., as trustee- manager of Frasers Hospitality Business Trust, (collectively, the "Managers"), Perpetual (Asia) Limited (in its capacity as trustee of FH-REIT) or any of each of their affiliates. An investment in the Stapled Securities is subject to investment risks, including the possible loss of the principal amount invested.
Investors should note that they have no right to request the Managers to redeem their Stapled Securities while the Stapled Securities are listed. It is intended that Stapled Securityholders may only deal in their Stapled Securities through trading on the SGX-ST. Listing of the Stapled Securities on the SGX-ST does not guarantee a liquid market for the Stapled Securities.
This announcement is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for the Stapled Securities. The past performance of FHT and the Managers is not necessarily indicative of the future performance of FHT and the Managers.
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Disclaimer
Frasers Hospitality Trust published this content on 17 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 December 2021 14:18:06 UTC.
