Macau Property Opportunities Fund Limited, managed by Sniper Capital Limited, has announced that it has entered into a HK$282 million (US$36.3 million) five-year loan facility with Hang Seng Bank for its properties in One Central Residences.
The new loan facility serves to finance the repayment of tranche 1 of the original loan which matures on 25 November 2015 as well as all principal repayment instalments up to the end of 2017.
The loan will mature in September 2020 and interest will be charged at 2.35% per annum over the 1-, 2- or 3-month HIBOR rate. The choice of rate will be decided at the discretion of the Company.
There is no change to the property’s loan-to-value ratio which remains at 46.3% based on June 2015 valuation.
MPO : Macau Property Opportunities refinances debt