The trustee-manager ("Trustee Manager") of Asian Pay Television Trust ("APTT" or the "Trust") announce that its lead arranger has received commitment letters from sufficient lenders for the refinancing of its Offshore Facilities. The facility agreement is expected to be signed in January 2023 with financial close expected to be in July 2023, at the maturity of the existing Offshore Facilities. The existing Offshore Facilities comprise a SGD 125 million term loan facility (of which SGD 78.4 million is currently outstanding) and a SGD 80 million revolving loan facility (of which SGD 58.5 million is currently outstanding).

With the disciplined repayments made over the last few quarters the outstanding facilities have reduced significantly. After including the impact of scheduled repayments until the financial close, the size of the refinanced facilities will be reduced to a SGD 46.6 million term loan facility and a SGD 75 million revolving loan facility on financial close. The substantial reduction in the size of the Offshore Facilities reflects the results of APTT's debt management programme.

A key focus has been to make accelerated debt repayments, using cash generated from operations, to lower gearing and save on interest costs. This is especially important in today's rising interest rate environment.