Elite UK REIT has, through its wholly-owned subsidiaries, Elite Amphora Limited and Elite Cask Limited, entered into a facilities agreement on July 23.
The agreement will be for 39 months and revolving facilities of up to GBP80 million ($138.9 million).
The funds from the facilities will be used to refinance the REIT’s existing loan facilities.
The agreement will require the immediate prepayment of all outstanding loans, accrued interest and other amounts should Sunway Berhad cease to be a substantial unitholder, should Elite UK REIT Management Pte. Ltd. cease to be the manager of the REIT, and should Perpetual (Asia) Limited cease to be the REIT’s trustee.
As at July 24, no amounts under the facilities agreement have been drawn down. Should any event occur, the total amount of facilities and existing borrowings of the REIT that may be affected is approximately GBP193.4 million, excluding interest.
As at 9.05am, units in Elite UK REIT are trading flat at 24.5 pence.
