|Singapore Press Holdings Limited ("SPH") wishes to announce that its wholly-owned subsidiary, Times Properties Pte Ltd ("TP"), has entered into an agreement with DBS Bank Ltd and a syndicate of banks and financial institutions today, for a term loan facility of $650 million for a tenure of one year. The funds will be used to refinance TP's existing loan facilities.|
The term loan is secured by way of a legal mortgage on the Group's investment property, the Paragon in Orchard Road, an assignment of rental proceeds from the property and the insurances on the property.
The transaction has no material impact on the earnings per share or the net tangible assets of SPH for the current financial year.
None of the Directors of SPH has any interest, direct or indirect, in the transaction.
Issued by Singapore Press Holdings Limited
6 June 2005