ainboard-listed property and hospitality player Overseas Union Enterprise has secured a S$425 million-term loan facility from OCBC bank.
OUE, through its subsidiary Cove Development, will use the loan to finance the development and cost of construction of a property at Leonie Hill Road.
In addition, OCBC has also made available to Cove an interest rate swap facility for a notional amount up to S$375 million.
This is for fixing interest swap transactions for tenure of up to four years or at the end of September 2014.
The transaction is not expected to have any impact on the earnings of OUE for the current financial year.
Source : Channel NewsAsia – 25 Jun 2010
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