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A US$200 million revolving credit facility has been obtained by Manulife US REIT.
Manulife US REIT, (with DBS Trustee Limited as trustee of Manulife US REIT), has secured a US$200 million (S$265.55 million) unsecured and uncommitted revolving credit facility.
In an SGX filing on Tuesday (15 June), Manulife US Real Estate Management revealed that the facility would be used “as bridge financing for acquisition of properties”.
It noted that the facility letters come with several conditions which state that it would be an event of default if—the manager “is not or ceases to be (directly or indirectly) majority-owned by The Manufacturers Life Insurance Company” or the trustee ceases to be the REIT’s sole trustee and a replacement trustee is not immediately appointed. Or when the manager is removed, and the REIT’s replacement and substitute manager is not appointed within 60 days of the occurrence of such event.
“The level of facilities of Manulife US REIT and its subsidiaries which may be affected by a breach (including facilities which will be affected as a result of cross defaults) of any of the relevant conditions is US$1,397.1 million as at the date of this announcement,” said the REIT’s manager.
It added that the conditions had not been breached as of the announcement’s date.
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Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: cheryl@propertyguru.com.sg