I came across this commentary on Freight Links Express, a SGX listed entity business and was intrigued by their latest loan to Galaxy Capital.
The terms is this:
- Freight Link subsidiary Glory Capital will loan 45 mil to Galaxy Capital
- 6 years 8% interest rate
- On top of this, City Harvest will pay a front-end fee of $13 mil over 5 years, yearly 2.6 mil installment
- Loan is secured against Suntec Singapore. In the event of default, Freight Links can in turn own the equity of Suntec Singapore
- Total Unleveraged return to Freight Links 12.8%
- Galaxy Capital will use majority to refinance loan which in turn, is loan to City Harvest to finance the acquisition of a portion of Suntec Singapore
...City Harvest Church has increased its stake in Suntec Singapore International Convention and Exhibition Centre to 39.2 per cent, from its original 20 per cent in ...