Shearman & Sterling represented Citicorp International Limited, as facility agent, in connection with Digital Core REIT’s $550 million senior unsecured term loan and revolving credit facilities. Of the total, $350 million was funded as a term loan to facilitate Digital Core REIT’s $1.37 billion initial public offering, which is the largest IPO to date on the Singapore Stock Exchange in 2021.
The term loan facility was used to partially finance the purchase of the assets of the company in connection with its IPO, for general corporate purposes and for working capital requirements. The revolving credit facility will be used for general corporate purposes and/or working capital requirements, capital expenditures, and to finance the acquisition of assets in the future and may be drawn in U.S., Canadian and Singapore dollars, as well as Euro and Pounds Sterling.
Digital Core REIT (SGX: DCRU) is a Singapore REIT established with the principal investment strategy of investing, directly or indirectly, in a diversified portfolio of stabilized income-producing real estate assets located globally which are used primarily for data center purposes, as well as assets necessary to support the digital economy.
The Shearman & Sterling team below included Anthony Roselle.