This article is from the Australian Property Journal archive
THE last Macquarie listed property brand, Macquarie DDR Trust is facing an uphill to negotiate a loan facility after its lender refused to extend the facility.
The trust’s unsecured Head Trust loan facility ($US49.5 million) and four derivative counterparties ($US37.4 million) are in covenant breach and are due to mature on March 26.
MDT said the lenders have advised that they are not prepared to extend the facility on its current terms.
This means the trust is now looking at various alternatives to facilitate the extension of the loan.
Meanwhile MDT has started negotiations with the CMBS special servicer for the Longhorn II $US145.1 million loan which matures on April 05.
The trust is also trying to gain an extension of its $US268 million Revolver Facility, which will mature on April 13. This facility is secured by 10 assets and is non-recourse to the trust.
MDT advised that it is in discussions with various external parties pursuing solutions to stabilise the trust’s balance sheet.
Meanwhile the Macquarie Office Trust and Macquarie Countrywide Trust has been rebadged as Charter Hall funds.
MOF is now trading on the ASX as Charter Hall Office REIT under the code CQO and MCW is trading as Charter Hall Retail REIT under the new code CQR.
Australian Property Journal
