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Mapletree Logistics Trust (MLT) is poised to issue 183,792,000 new units today (5 June) for $1.197 each to raise gross proceeds of up to $220 million, according to an SGX filing.
It revealed that the private placement was 5.2 times oversubscribed, with the upsize option exercised in full, thanks to the strong participation of new and existing investors either institutional, accredited or others.
Following the listing on the SGX-ST’s mainboard, the trust will have 3,243,485,499 units in circulation.
Mapletree plans to use $205.3 million (RMB985.3 million) out of the gross proceeds to fund the acquisition of a 50 percent indirect stake each in 11 logistics properties in China, as announced on 26 April.
About $8.2 million will go to repayment of existing debt and/or to fund future acquisitions, as well as for general corporate and working capital purposes.
The remaining $6.5 million will be utilised to defray professional and other fees, and expenses incurred in relation to the private placement and acquisition of the Chinese logistics properties.
DBS Bank, HSBC Singapore Branch and Citigroup Global Markets Singapore served as the joint global co-ordinators and bookrunners for the issuance.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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