Singapore Dasin Retail Tender

MAINBOARD-LISTED Dasin Retail Trust has extended the maturity date for a tranche of offshore term loans in a supplemental agreement inked and announced by the manager on Friday.The loans - representing a combined S106.6 million and US52.4 million - was originally due to mature on Saturday. This date has now been pushed back by two years to Jan 19 2021.This tranche is part of Dasin Retail Trusts offshore syndicated term loan facilities the sum of which clocked in at the equivalent of S430 million. Out of this amount a combined S242 million and US134.3 million was drawn down in 2017.With the extension the loans weighted average term to maturity has now been doubled to 1.6 years. And both the interest margin and annual all-in interest cost on the loan tranche have been lowered the manager noted.Besides that there have been no material changes to the terms of the offshore facilities it added.Li Wen chief executive of the manager said in a statement Given the rising interest rate environment we are pleased to successfully extend the first tranche of the offshore facilities at a reduced interest rate margin as compared to the original loans.He added that the extension is an indication of our prudent capital management strategy enabling a healthy capital structure for the trust.Dasin Retail Trust holds four malls in Zhongshan city in Chinas Guangdong province. Its gearing is now 32.5 per cent based on gross borrowings divided by assets as at Sept 30 2018.