WongPartnership and Allen & Gledhill have advised on a SGD1.08 billion (USD841 million) green loan facility granted to Frasers Property Aquamarine Trustee (FPAT), as trustee-manager of Aquamarine Star Trust, for the refinancing of Frasers Tower.
WongPartnership, led by banking and finance partner Alvin Chia, acted for the lenders, comprising United Overseas Bank, DBS Bank, Oversea-Chinese Banking Corporation, as well as the Singapore branches of Industrial and Commercial Bank of China, Bank of China and Bank of Communications.
“The original green loan was one of the first of its kind by a Southeast Asian borrower under the Green Loan Principles of the Asia Pacific Loan Market Association. With the updates to the Green Loan Principles, it was also necessary to update the green loan provisions in the facility agreement for this round of refinancing,” Chia told Asia Business Law Journal.
“Due to the large size of the syndicate of lenders and each lender having specific requirements, it was necessary to reconcile the differences and balance the interests of all the stakeholders to bring the transaction to a successful close.”
Allen & Gledhill acted as transaction counsel for FPAT, with partner Lim Wei Ting leading the team.
The facility will be used to refinance existing borrowings related to Frasers Tower, a premium grade-A office development located at the gateway to Singapore’s central business district.
