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CapitaLand obtains two-year S$200m SORA-SOFR loan from UOB

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September 3, 2020
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CapitaLand obtains two-year S$200m SORA-SOFR loan from UOB
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Thu, Sep 03, 2020 – 8:50 AM

UNITED Overseas Bank (UOB) and CapitaLand have entered into an agreement for a two-year S$200 million term loan which references both the Singapore Overnight Rate Average (SORA) and the Secured Overnight Financing Rate (SOFR).

The dual-tranche loan is the first of its kind in Singapore, the lender and the real estate giant said in a joint statement on Thursday morning.

The interest rate on the loan's two tranches will be based on the compounded averages of daily SORA and SOFR, both calculated in arrears, and with respective applicable margins.

Loan proceeds will be used for general corporate purposes, UOB and CapitaLand said.

The bilateral loan facility comes ahead of a global transition from Interbank Offer Rates, including the London Interbank Offer Rate (LIBOR), to alternative risk-free rates. Alternative risk-free rates are overnight interest rate benchmarks based on actual transactions and are seen as more transparent and more reflective of market conditions.

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SORA and SOFR have been identified by the relevant regulatory and industry bodies as the alternative benchmark rates to replace the Swap Offer Rate (SOR) in Singapore and the US Dollar LIBOR respectively.

Through the collaboration, UOB and CapitaLand aim to enhance market confidence in adopting SORA, which will in turn help accelerate the transition from the use of SOR to SORA.

"This is in line with the Monetary Authority of Singapore'Read More – Source

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