CapitaCommercial Trust

CapitaCommercial Trust: OCBC maintains Buy with $1.61 TP. CCT reported that it has refinanced committed term loan facilities of an aggregate amount of S$450m and a revolving credit facility of S$100m with various expiry dates in 2014 and 2015. In addition, the trust also secured a new committed revolving credit facility of $100m. These set of new facilities, with an aggregate amount of S$650m, will expire on maturity dates from 2018 to 2020. $480m of the new facilities has already been drawn down, with $450m to refinance the existing facilities and $30m for capital expenditure and general working capital. House see this as a positive move for CCT which will significantly extend the average maturity of its debt portfolio from 2.8 years as at end 2Q13 by an additional 0.8-1.1 years, according to estimates.