Refinancing of AIA Tower (6083C)
09 Março 2011 - 7:00AM
UK Regulatory
TIDMMCAU
RNS Number : 6083C
Speymill Macau Property Company PLC
09 March 2011
Speymill Macau Property Company plc
Refinancing of AIA Tower
The Board of Speymill Macau Property Company plc (the "Company")
wishes to provide further information in regard to its announcement
of 7 January 2011.
On 4 March 2011, the Company's wholly owned subsidiary Speymill
Propriedade I (Macau), Lda. (the "SPC") successfully refinanced its
existing loan facility for the AIA Tower with the SPC's existing
lender. Pursuant to the terms of the Supplemental Loan Agreement,
the SPC paid the Bank HK$ 25 million toward the outstanding
principal due on the loan, in addition to the previous repayment of
HK$ 20 million, thereby reducing the outstanding loan amount on the
AIA Tower to HK$ 555 million.
The Supplemental Loan Agreement extended the term of the loan on
AIA Tower for a period of thirty months, until September 5,
2013.
The key terms of the refinanced loan are:
1. Loan facility amount of HK$ 555 million, secured solely by
the AIA Tower and the shares of the SPC owned by the Company. The
loan is non-recourse to the Company.
2. Interest on the loan is 2.05% above the 3 month HIBOR.
3. Loan amortization takes place through an annual cash flow
sweep with a contractual minimum amount of HK$ 5 million to be paid
in June of 2011 and 2012. This minimum amount will be credited to
the final sweep at year end. The cash flow sweep allows for the SPC
to retain up to HK$ 10 million by for capital expenditures on the
AIA Tower
4. The SPC paid an arrangement fee of HK$2,775,0000 to refinance
the loan.
5. There is no prepayment penalty if the loan is paid in full
upon the sale of the building, however if the building is
refinanced through another financial institution prior to maturity,
a 0.5% prepayment penalty will be incurred.
Enquiries
For more information, please visit www.speymillmacau.com or
contact:
Speymill Property Group Limited Galileo Fund Services
Limited
(Manager) (Administrator)
Huang Khoo Ian Dungate
Terri Tsang Suzanne Jones
+44 1624 640 860 +44 1624 692600
Matrix Corporate Capital LLP
(Nominated Adviser and Broker) Paul Fincham
Jonathan Becher
+44 20 3206 7000
This information is provided by RNS
The company news service from the London Stock Exchange
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