ESR secures $3.104b senior unsecured corporate term loan

It is the largest USD corporate loan for ESR to date.

ESR Cayman Limited has entered into a new facility agreement for a $3.104b (US$400m) unsecured term loan facility which consists of a three-year tranche of $2.072b (US$267m) at Libor plus 2.75% and a five-year tranche of $1.032b (US$133m) at Libor plus 3.25%.

According to the release, 10 banks participated in the new facility.

Bank of China (Hong Kong) Limited, Bank of China Limited (Singapore Branch), KDB Asia Limited, Kookmin Bank, Oversea-Chinese Banking Corporation Limited, Standard Chartered Bank (Singapore) Limited, and The Hongkong and Shanghai Banking Corporation Limited acted as mandated lead arrangers and bookrunners. Bank Sinopac (Hong Kong Branch), Crédit Industriel et Commercial Hong Kong Branch, and Fubon Bank (Hong Kong) Limited were mandated lead arrangers.

The US$400m facility is expected to be drawn down by the end of April 2021, with a $776m (US$100m) incremental option. The proceeds will be used to fund the Group’s refinancing of existing borrowings, working capital requirements and for general corporate purposes.