Singapore’s ESR-Logos REIT inks S$200 million sustainability-linked revolver

By Mary-Katherine Stinson

Lexington, Ky., March 28 – ESR Logos Funds Management (S) Ltd., as manager, announced that ESR-Logos REIT entered a S$200 million sustainability-linked revolving credit facility agreement, according to a notice.

The facility will mature 24 months from the first utilization date.

The agreement contains a clause requiring the trustee to enter into discussions in good faith for a stipulated time with the finance parties to review the terms of the agreement if the manager resigns or is removed without the prior written consent of the majority lenders and an acceptable replacement manager is not appointed under the terms of the trust deed by the effective date of the resignation or removal and/or ESR Group Ltd. ceases to hold, directly or indirectly, at least 50.1% of the issued share capital of the manager without the prior consent in writing of the majority lenders.

If the discussions are not held or an acceptable solution is not implemented by the trustee, the agreement could be terminated, and all amounts borrowed under the agreement would be due.

The proceeds of the facility will be applied towards general corporate funding purposes, including refinancing debt, funding asset acquisitions, enhancements and improvement of assets of ESR Logos REIT and subsidiaries, general working capital purposes and payment of fees related to the facility.

The original lenders are CIMB Bank Berhad, Singapore Branch, Malayan Banking Berhad, Singapore Branch, RHB Bank Berhad, Sumitomo Mitsui Banking Corp. Singapore Branch and HSBC Corp. Ltd., Singapore Branch. The original lenders also acted as mandated lead arrangers and bookrunners on the deal.

HSBC was the facility agent, and HSCB Corp. Ltd., Singapore Branch was the sustainability coordinator.

Perpetual (Asia) Ltd. is the trustee of ERS Logos.

ESR-REIT invests in industrial properties. The company is based in Singapore.

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