Manulife US REIT, on Dec 18, announced that all of its 12 lenders have obtained the necessary approvals to restructure its existing facilities.
The REIT’s trustee, DBS Trustee Limited, has also entered into the master restructuring agreement with the REIT’s sponsor, its sponsor-lenders as well as the rest of its lenders.
The master restructuring agreement includes a condition that there would be an event of default if the manager is not or ceases to be wholly-owned by the sponsor or any successor of the sponsor by merger with any corporation which is wholly-owned by Manulife Financial Corporation. Manulife Financial Corporation is the current ultimate holding company of the sponsor.
As at Dec 18, the REIT’s level of facilities that could be impacted by a breach, including facilities subject to cross defaults, is at US$1.18 billion ($1.57 billion).
Separately, the REIT manager announced the completion of the divestment of Park Place in Chandler, Arizona. The REIT manager had proposed to divest the property to John Hancock Life Insurance Company for US$98.7 million.
Following the divestment, Manulife US REIT now has 10 office properties in the US. They are located in Arizona, California, Georgia, New Jersey, Virginia and Washington, D.C.
See also: CICT's manager proposes to acquire ION Orchard at $1.85 billion, subject to EGM
As at 9.35am, units in Manulife US REIT are trading 0.3 US cents lower or 3.61% down at 8 US cents.
