Keppel Infrastructure Trust has obtained a loan of S$50 million, its trustee-manager Keppel Infrastructure Fund Management said on Friday (Jun 28).
Unlike the sustainability-linked loan of S$612.5 million that it took out to refinance another loan, announced on Tuesday, Keppel Infrastructure Fund Management did not disclose the purpose of this multi-currency revolving credit facility.
The conditions of the new loan stipulate that it would become immediately repayable if Keppel Infrastructure Fund Management stops being the trustee-manager of Keppel Infrastructure Trust, or ceases to be wholly owned by Keppel Capital Holdings and/or Keppel Limited and is not replaced by another wholly owned subsidiary of either company.
Such prepayment would lead to a cross-default under the other borrowings of the trust and its subsidiaries, and may affect an aggregate level of facilities of about S$1.6 billion (excluding interest and fees).
Keppel Infrastructure Trust units were up 1.1 per cent or S$0.005 at S$0.47 on Friday, before the announcement.
