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MPO says New loan facility generates $15.5m cash

09 March 2015 08:02

Macau Property Opportunities Fund Limited has secured a new loan facility of $28.4m for its low-rise residential development The Fountainside.

The refinancing, which has been agreed with the Industrial and Commercial Bank of China (Macau) Limited, generates $15.5m net cash after the repayment of an existing $12.9m loan facility with OCBC Wing Hang Limited (Macau) (previously known as Banco Weng Hang).

MPO's total cash balance after this transaction rises to about $22m.

In addition, all of The Fountainside's presold units will be released as collateral, resulting in about $19m of unrestricted sales proceeds upon handover of presold units.

Thereafter, the future sales proceeds from unsold units will be pledged for the loan repayment.

Once fully drawn down, the project's loan-to-value ratio will rise to 50% from the current level of 17%.

At 8:02am: (LON:MPO) Macau Property Opportunities Fund Ltd share price was +3.63p at 218.63p

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