Frasers Commercial Trust secures loan, plans rights

SINGAPORE, July 1 (Reuters) - Singapore's Frasers Commercial Trust (FRCR.SI) will raise S$213.9 million ($128.5 million) in a 3-to-1 rights issue and would borrow S$675 million to refinance debt maturing this year, the company said.

The property trust had gross borrowings of S$945.5 million, of which about S$624.5 million were due to mature in the second half of 2009, the firm said in a statement late on Tuesday.

The rights issue is fully underwritten by DBS Bank (DBSM.SI), BNP Paribas (BNPP.PA), Oversea-Chinese Banking Corp (OCBC.SI) and Standard Chartered's (STAN.L) Cazenove Asia unit.

Earlier this month Standard & Poor's Ratings Services removed Frasers Commercial Trust from "CreditWatch" -- which indicates that the credit quality of a firm's debt has deteriorated -- after the property trust was able to extend the maturity date for debt to the end of December from July 31.

S&P maintained its 'BB' long-term rating on Frasers Commercial Trust with a negative outlook. (Reporting by Saeed Azhar; Editing by Dhara Ranasinghe)