Big money for ESR
Asia Pacific focused logistics real estate platform ESR Cayman has just entered into a new agreement for a USD 400 million unsecured term loan facility. It consists of a three-year tranche of USD 267 million at Libor plus 2.75% and a five-year tranche of USD 133 million at Libor plus 3.25%.
The USD 400 million facility is expected to be drawn down by the end of April 2021, with a USD 100 million incremental option.
The proceeds will be used to fund the group’s refinancing of existing borrowings, working capital requirements and for general corporate purposes.
Ten banks are participating in the new facility, including the Bank of China (Hong Kong), Bank of China (Singapore Branch), KDB Asia Limited and Standard Chartered Bank (Singapore).
Bank Sinopac (Hong Kong Branch), Crédit Industriel et Commercial Hong Kong Branch, and Fubon Bank (Hong Kong) Limited were mandated lead arrangers.
Listed on the main board of the Stock Exchange of Hong Kong in November 2019, ESR is a constituent of the Hang Seng Composite Index and MSCI Hong Kong Index. (sh)