SPH unit refinances loan facilities - Jun 07, 2005 (BT)

BackJun 07, 2005

The Straits Times / The Business Times News On SPH

SPH unit refinances loan facilities

Jun 07, 2005
The Business Times

SINGAPORE Press Holdings' wholly-owned subsidiary, Times Properties, has entered into an agreement with DBS Bank and a syndicate of banks and financial institutions for a term loan facility of $650 million for a tenure of one year. The funds will be used to refinance the subsidiary's existing loan facilities.

The loan is secured by a mortgage on the group's investment property, the Paragon in Orchard Road, an assignment of rental proceeds from the mall and the insurances on the property.

SPH said yesterday that the transaction has no material impact on the earnings per share or the net tangible assets of SPH for the current financial year.