5th Nov 2015 10:38
LONDON (Alliance News) - Macau Property Opportunities Fund Ltd on Thursday said it has entered into a HKD282.0 million five-year loan facility with Hang Seng Bank for its properties in One Central Residences.
The new loan facility serves to finance the repayment of tranche 1 of the original loan which matures on November 25, as well as all principal repayment instalments up to the end of 2017.
The loan will mature in September 2020 and interest will be charged at 2.35% per annum over the 1-, 2- or 3-month HIBOR rate.
The choice of rate will be decided at the discretion of the company, Macau's statement said.
"There is no change to the property's loan-to-value ratio which remains at 46.3% based on June 2015 valuation," the company said.
Shares in Macau Property Opportunities Fund were untraded on Thursday.
By Samuel Agini; [email protected]; @samuelagini
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