Manulife US Reit on track to conclude loan talks by year-end; sponsor support package ‘compelling’ to lenders: CEO

THE manager of Manulife US Real Estate Investment Trust (Manulife US Reit) is on track to conclude by year-end its negotiations with banks, following the Reit’s breaching of the lenders’ unencumbered gearing ratio, said the manager’s chief executive officer Tripp Gantt.

A key component of this restructuring is the introduction of a sponsor support package, the contents of which are “compelling” to all parties at the table, he said as he gave a third-quarter business update on Friday (Nov 3).

He said he could not give away too much on the package for now as the talks with the lenders are “sensitive and confidential”, but pointed out that the execution of the package will depend on the lenders’ approval. “What I can tell you is that we have been in constant non-stop contact with the banks, with the lenders, and our sponsor... working on this negotiation, and we’re looking forward to having something to share with you here in the coming weeks.”