The manager of Starhill Global REIT P40U has entered an amendment and restatement agreement with a bank that granted it a three-year unsecured and commitment revolving credit facility of $50 million, to extend the loan agreement for five years from Sept 30, 2024, according to a release dated June 14.
Under the terms of the facility agreement, the lender has the right to require Starhill Global REIT to repay the amount in full under two circumstances.
The first is that the manager of the REIT and any of its affiliates ceases being the manager, and a replacement manager “reasonably acceptable to the lender” is not appointed on or prior to the date of cessation.
The second is that YTL Corporation ceases to own at least 51% of the issued share capital of the manager of Starhill Global REIT.
The level of facilities that may be affected is approximately $1,392.1 million (excluding interest) as at the date of this announcement.
Units in Starhill Global REIT closed flat at 48 cents on June 14.
