A&G News 29 June 2020
Allen & Gledhill advised Oversea-Chinese Banking Corporation Limited (“OCBC”), as transaction counsel, on the S$300 million term and revolving loan facilities granted to CapitaLand.
The interest rate on part of the loan facilities was calculated using a compounded average of daily Singapore Overnight Rate Average (“SORA”) rates. This is the first loan in Singapore that is pegged to SORA and is part of the banking industry’s transition towards SORA as the new interest rate benchmark in Singapore.
Advising OCBC was Allen & Gledhill Partner Aloysius Ng.