Frasers Property entity secures refinancing for $1.08 bil green loan

Frasers Property Limited has draw down a five-year green term loan club facility totalling $1.08 billion to refinance a loan for Frasers Tower due in September. The participating banks include United Overseas Bank, DBS Bank, Industrial and Commercial Bank of China Limited (Singapore Branch), Oversea-Chinese Banking Corporation (OCBC), CIMB Bank Berhad (Singapore Branch), RHB Bank Berhad and ING Bank N.V. (Singapore Branch).

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Under the loan terms, Frasers Property enjoys a lower margin on its green loan if Frasers Tower maintains at least a Green Mark GoldPLUS certification status, issued by Singapore’s Building and Construction Authority (BCA). Frasers Tower has already been accorded the highest attainable Green Mark Platinum rating.

Frasers Tower is a 38-storey premium Grade-A office tower with an adjacent three-storey cascading retail podium and is one of six office properties managed by Frasers Property Singapore. Its environmentally-friendly design and resource-efficient features include the use of sustainable and recycled materials during construction, such as green cement and recycled concrete aggregates. Its double-glazed facade design reduces solar heat gain while its building systems optimize water and energy efficiency and improve indoor air quality, says Frasers Property.

The loan has achieved several progressive green features that have been implemented at Frasers Tower, such as energy-efficient escalators, an energy regenerative lift system, a ductless fan system, motion sensor lighting controls and automated office perimeter lighting which help to maximize energy savings.

Loo Choo Leong, group CFO of Frasers Property, says: “Since successfully raising Singapore’s first syndicated green loan in 2018, Frasers Property has continued to deepen our commitment to sustainable financing. To date, the Group has secured more than $10 billion of green or sustainability-linked loans and bonds, attesting to our commitment to our decarbonisation journey.”

In February, Frasers Property had announced that they had secured a five-year A$340 million ($295.69 million) and US$75 million ($101.64 million) syndicated sustainability-linked loan for their Australia business, Frasers Property AHL Limited (FPAHL).

It featured a price reduction structure that provides interest rate savings from the second year if FPAHL achieved a prescribed reduction in its annual absolute greenhouse gas emissions based on its FY2019 footprint.

In July, Frasers Centrepoint Trust (FCT)announced a partnership with OCBC on Singapore’s first green financing solution that comprised a green loan and carbon credits to refinance a maturing facility, asset enhancement initiatives, decarbonisation projects and other general corporate purposes.

Frasers Property, which has total assets of $40.1 billion as at March 31, is the sponsor of two S-REITs — Frasers Centrepoint Trust (FCT) and Frasers Logistics and Commercial Trust — and Frasers Hospitality Trust, a stapled trust.

As at 10.51am, shares in Frasers Property are trading 1 cent lower, or 1.26% down, at 80 cents. This story first appeared on . RELATED NEWS.

Frasers Property Limited has draw down a five-year green term loan club facility totalling $1.08 billion to refinance a loan for Frasers Tower due in September. The participating banks include United Overseas Bank, DBS Bank, Industrial and Commercial Bank of China Limited (Singapore Branch), Oversea-Chinese Banking Corporation (OCBC), CIMB Bank Berhad (Singapore Branch), RHB Bank Berhad and ING Bank N.V. (Singapore Branch).

Under the loan terms, Frasers Property enjoys a lower margin on its green loan if Frasers Tower maintains at least a Green Mark GoldPLUS certification status, issued by Singapore’s Building and Construction Authority (BCA). Frasers Tower has already been accorded the highest attainable Green Mark Platinum rating.

Frasers Tower, located in Singapore, is a 38-storey premium Grade-A office tower with an adjacent three-storey cascading retail podium and is one of six office properties managed by Frasers Property Singapore. With green features such as double-glazed facades to reduce solar heat gain, building systems that optimise water and energy efficiency, motion sensor lighting controls, and an energy regenerative lift system, Frasers Tower has been able to provide a sustainable and resource-efficient design.

Loo Choo Leong, group CFO of Frasers Property, has shared: “Since successfully raising Singapore’s first syndicated green loan in 2018, Frasers Property has continued to deepen our commitment to sustainable financing. To date, the Group has secured more than $10 billion of green or sustainability-linked loans and bonds, attesting to our commitment to our decarbonisation journey.”

In February, Frasers Property announced that they had secured a five-year A$340 million ($295.69 million) and US$75 million ($101.64 million) syndicated sustainability-linked loan for their Australia business, Frasers Property AHL Limited (FPAHL). This featured a price reduction structure that provides interest rate savings from the second year if FPAHL achieved a prescribed reduction in its annual absolute greenhouse gas emissions based on its FY2019 footprint.

In July, Frasers Centrepoint Trust (FCT) also announced a partnership with OCBC on Singapore’s first green financing solution that comprises a green loan and carbon credits to refinance a maturing facility, asset enhancement initiatives, decarbonisation projects, such as procuring energy-efficient technology for Tampines 1 shopping mall, and other general corporate purposes.

Frasers Property, which is itself listed on the Singapore Exchange (SGX), has total assets of $40.1 billion as at March 31. It is also the sponsor of two S-REITs — Frasers Centrepoint Trust (FCT) and Frasers Logistics and Commercial Trust — and Frasers Hospitality Trust, a stapled trust.

As at 10.51am, shares in Frasers Property are trading 1 cent lower, or 1.26% down, at 80 cents.This story first appeared on . RELATED NEWS.
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