Singapore’s Manulife enters into $193 million in term loans, revolver

Chicago, May 2 – Manulife US Real Estate Management Ptd. Ltd. announced it entered into a loan agreement for up to $193 million through DBS Trustee Ltd., according to a notice.

The manager of Manulife US Real Estate Investment Trust obtained a $110 million term loan for the purpose of refinancing an existing loan on an office building on Figueroa Street in Los Angeles with the drawdown date intended for July.

Additionally, the agreement included a term loan for $33 million to partially finance an office building in Fairfax, Va. or to be used towards refinancing the loans used in partially financing the acquisition.

The loan agreement also includes a $50 million revolving loan facility to be used for general corporate and working capital purposes for Manulife US REIT and its subsidiaries.

The facilities are secured by share charges over the Singapore subsidiaries of Manulife US REIT, assignment of certain bank accounts, and/or assignments of certain intercompany loans and share pledges over shares in the direct owner of the two properties involved in the term loans.

The lenders are Bank of China Ltd., Singapore Branch, BNS Asia Ltd., DBS Bank Ltd., Oversea-China Banking Corp. Ltd. and Standard Chartered Bank, Singapore Branch.

The Singapore-based REIT invests in a portfolio of office real estate in the United States.

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