Manulife US REIT - CGS-CIMB Research 2023-11-30: Recapitalise & Revitalise

• Manulife US REIT announced a recapitalisation plan which includes paring down US$285m of borrowings to each lender on a pari passu basis and raising US$328.7m through asset dispositions.

Recapitalisation plan to strengthen balance sheet

• - Read this at SGinvestors.io -
• To reposition its portfolio and strengthen its balance sheet, Manulife US REIT intends to dispose assets to raise a minimum of US$328.7m to repay debt by maturity and fund capex. Condition of sale includes independent valuation prior to the sale, assets to be sold at no less than 90% of valuation. This mandate will expire by 31 Dec 2025, or if aggregate net proceeds exceed US$328.7m, or if early reinstatement conditions are achieved.
• - Read this at SGinvestors.io -

Halt distributions till Dec 2025

• Read more at SGinvestors.io.

Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.

Read also CGS-CIMB's most recent report:
2024-02-08 Manulife US REIT - Focus On Divestment & Debt Reduction.

Price targets by other brokers at Manulife US REIT Target Prices.

Listing of research reports at Manulife US REIT Analyst Reports.

Relevant links:
Manulife US REIT Share Price History,
Manulife US REIT Announcements,
Manulife US REIT Dividend Payout Dates & Corporate Actions,
Manulife US REIT News