Mapletree Industrial Trust private placement oversubscribed, raises around S$201 million

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Mapletree Industrial Trust’s private placement was oversubscribed, raising gross proceeds of around S$201.0 million, it said in a filing to SGX before the market open on Tuesday.

The issue price for the placement was fixed at S$1.945 per unit, which represents an around 4.15 percent discount to the volume weighted average price of S$2.0293 for trades on Monday, the filing said. The proposed issue price range was between S$1.935 and S$1.990 each

The private placement was initially at 90.44 million new units for institutional, accredited and other investors to raise up to S$175 million, but strong participation saw it around 2.2 times oversubscribed, taking into account the upsize option, which was exercised in full, the filing said.

A total of 103.36 million new units will be issued, it said.

Around S$197.8 million of the gross proceeds are earmarked to partially refinance the acquisition of the property at 18 Tai Seng Street in Singapore, which was completed earlier this month, the filing said. The rest of the proceeds will be used to pay the placement’s expenses, it said.

Trading of the new units is expected to begin on 20 February, it said.

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