EPF takes RM1.5b loan for London property buy& P" G: F" k) R8 v! ~( i
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7 i% Z4 N' M' k( U c* ~+ btvb now,tvbnow,bttvbKUALA LUMPUR, Dec 16 — The Employee Provident Fund (EPF) has closed a five-year £300 million (RM1.48 billion) loan, its first offshore loan, to fund the acquisition of three London-based properties, Thomson Reuters publication Basis Point reported today.tvb now,tvbnow,bttvb( f: T' W$ ~( D" j5 P( D; t, C& u
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Citing sources, Basis point said the state pension fund's loan was increased from an initial £240 million. Citigroup was the lead arranger, bookrunner and sole underwriter on the deal.
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Bank of Tokyo-Mitsubishi UFJ, OCBC Bank, Scotiabank and Sumitomo Mitsui Banking Corp also joined the deal as equal status arrangers, Basis Point said.
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) N; q/ E6 G# d! Q1 y8 H& dtvb now,tvbnow,bttvbEPF unit, KWASA UK solo Ltd, was the borrower on the deal, which will fund the acquisition of three properties in London for £490 million. Basis Point said EPF financed the remainder of the purchase price with cash.
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The loan was tightly priced at a margin of 123 basis points over sterling Libor with an upfront fee of 110 bps, translating to an all-in of 145b over, Basis Point said, citing one source.
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Basis Point said EPF has not provided any guarantee for the loan, although there is a put option where EPF has to buy the properties from KWASA at a price that is at least equal to the outstanding amount on the loan should there be defaults. — Reuters |
發表於 2011-12-19 10:22 PM
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