CapitaCommercial Trust (C61U) refinancing

CapitaCommercial Trust (C61U) announced today that it managed to refinance its loan due in 2012 of S$570.0 million.  From short term debt expiring soon and now becomes long term debt, probably that's good for liquidity measurement or current ratio.  Below is an extract of its announcement.

Due to global economy uncertainty so, in the coming weeks and months, there could be more companies seeking refinancing;  before their books close for the quarter or year end. 


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Ms. Lynette Leong, Chief Executive Officer of the Manager, said, “We are pleased to have the strong
support and commitment from banks and debt investors notwithstanding the current global economic
uncertainty. As part of our proactive capital management strategy, we have secured total committed
funding of S$650.0 million from banks and the debt capital market to refinance the S$570.0 million term
loan, well ahead of its maturity in March 2012. The balance committed funding will be deployed for
CCT’s corporate funding purposes when the need arises.”

“The current mortgage of Capital Tower will be discharged after refinancing the S$570.0 million term loan
secured on Capital Tower in March 2012 with the new, unsecured facilities. As a result, seven properties
with a total asset value of S$3.9 billion out of CCT’s portfolio of nine properties will be free from
encumbrances. This will provide us with further financial flexibility in managing CCT’s capital and balance
sheet,” added Ms Leong.