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

Manulife US REIT - Recapitalise & Revitalise

Manulife US REIT (SGX:BTOU) | SGinvestors.ioManulife US REIT (SGX:BTOU)
  • 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

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  • 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.
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Halt distributions till Dec 2025

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Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @

LOCK Mun Yee CGS-CIMB Research | Natalie ONG CGS-CIMB Research | 2023-11-30

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 Dividends & Corporate Actions,
Manulife US REIT News Articles


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