MacCookPSF – SGX

Update on debt position & Centro exposure


Debt position

In light of recent events in the listed property trust market, the responsible entity wishes to advise investors and the market of the current debt and interest rate hedging arrangements for the Fund.

Lender: OCBC
Amount of Facility: $68 million
Amount Drawn Down: $68 million
Facility Expiry: 14 May 2008
Current Loan-to-Value Ratio: 26%
Floating Interest Margin: BBSY plus 0.90%
Interest Rate Hedging: $40 million Fixed until 29 December 2010
$28 million Variable

Based on 30 November 2007 valuations.

The responsible entity is comfortable with the Fund’s current debt & hedging position and the forecast distribution of 2.625 cents per unit for the December quarter and 10.5 cents per unit for the 2008 Financial Year.

Centro exposure

MPS invests in a broad range of unlisted and listed real estate funds with investments currently in 51 different funds managed by 30 different property investment managers.

As at the date of this announcement, MPS has the following investments in Centro managed entities:

Name of Fund / Listed or Unlisted Investment / Amount $ / Latest advised value $ / % of MPS
Centro Retail Trust / Listed / 3,051,199 / 1,538,484 / 1.08
Centro MCS 32- International No. 2 / Unlisted / 1,000,000 / 1,320,000 / 0.55
Centro MCS 33 / Unlisted / 1,500,000 / 1,845,000 / 0.77
Centro MCS 33- International No. 3 / Unlisted / 1,262,500 / 1,489,750 / 0.62
Centro MCS 35 Unsecured Notes / Unlisted / 1,237,500 / 1,460,250 / 0.61
Centro MCS 36- International No. 4 / Unlisted / 2,272,000 / 2,272,000 / 0.95
Centro MCS 36 Unsecured Notes / Unlisted / 1,278,000 / 1,278,000 / 0.54

The total exposure to Centro is $1,538,484 or 1.08% to the listed Centro Retail Trust and $9,665,000 or 4.04% to a range of Centro managed unlisted property trusts. Centro has advised that the December quarter distributions of the unlisted Centro MCS Funds will not be impacted by the debt refinancing issues being faced by Centro Retail and Centro Property Group.

Source : SGX

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