EPF takes RM1.5b loan for London property buy
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KUALA 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.
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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.1 g, k8 F3 D8 k* z" \
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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.* [$ q; p, A+ L8 {7 b% s) p4 R" z
2 p7 K* _- O8 o8 U; t公仔箱論壇EPF 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.公仔箱論壇, n+ e [" p5 C7 Z% n _
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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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