Keppel Pacific Oak US REIT secures $148.11m loan facility

Under the agreement, a mandatory prepayment event may be triggered under certain conditions.

Keppel Pacific Oak US REIT has secured a $148.11m (US$115.0m) term loan facility that includes mandatory prepayment provisions linked to changes in its manager or the manager’s ownership, according to a press release.

Perpetual (Asia) Limited, as trustee of the REIT, entered into the facility agreement as borrower. Under the terms, the loan would become immediately repayable within 10 business days if the manager ceases to manage the REIT, or if Keppel Ltd. and its subsidiaries, Pacific Oak Capital Advisors LLC and its subsidiaries, and KORE Pacific Advisors Pte. Ltd. no longer collectively own all issued share capital of the manager.

The manager said such a change would constitute a mandatory prepayment event. If triggered, the aggregate level of facilities that could be affected across the REIT would total about $1.05b (US$820.0m), excluding interest and fees, based on outstanding borrowings as at the announcement date.

The facility forms part of the REIT’s financing arrangements and does not alter the existing manager or ownership structure, the manager said.

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