SINGAPORE (THE BUSINESS TIMES) – Mapletree Logistics Belief (MLT) on Wednesday (Nov 24) priced its non-public placement and preferential providing at $1.88 and $1.84 per unit, respectively.
Complete gross proceeds of the fundraising train can be some $692.8 million, comprising $400 million from the non-public placement and $292.8 million from the preferential providing.
The belief on Nov 23 mentioned it’s buying a portfolio of 17 grade-A logistics belongings with a median age of 1.6 years in China, Vietnam and Japan for a mixed whole worth of $1.4 billion.
Some 97.5 per cent or $675.5 million of the gross proceeds can be used to fund these acquisitions, whereas 2.5 per cent or $17.3 million can be used to pay for charges and bills in reference to the acquisitions and fairness fundraising.
Some 212.8 million new items can be issued beneath the non-public placement whereas 159.1 million new items can be issued beneath the preferential providing.
In reference to the non-public placement, the supervisor intends to declare a sophisticated distribution for the interval from Oct 1 to Dec 2. The distribution per present unit is at present estimated to be between 1.45 cents and 1.47 cents. An extra announcement on the precise quantum can be made sooner or later, the supervisor famous.
The non-public placement problem value of $1.88 per new unit got here in on the decrease finish of the value vary. It represents a reduction of two.8 per cent to the adjusted volume-weighted common value (VWAP) of $1.9339 per unit, for trades performed on the previous market day on Nov 22 as much as the time the underwriting settlement was entered, minus the estimated superior distribution of 1.46 cents per unit.
It’s also a 3.5 per cent low cost to the VWAP of $1.9485 per unit for all trades performed on the Singapore Trade on Nov 22.
In accordance with the belief supervisor, the location was oversubscribed and noticed good participation from new and present institutional, accredited and different buyers.
The preferential providing problem value of $1.84 per new unit was across the mid-point of the indicated value vary. It represents a reduction of 4.9 per cent to the adjusted VWAP of $1.9339 per unit and 5.6 per cent to the VWAP of $1.9485 per unit.
DBS, HSBC Singapore and OCBC are the joint world coordinators and bookrunners for the fundraising.
MLT resumed buying and selling on Wednesday after a one-day buying and selling halt. Its shares had been buying and selling down 4 cents, or 2.1 per cent, at $1.91 as of 9.38am on Wednesday.
