Keppel Infrastructure Trust said on Wednesday it raised S$500.8 million in an equity fundraising that included a placement and a preferential offering, in what the trust said was the largest equity deal in Singapore so far this year.
The proceeds will be used to partially repay a loan facility used to fund KIT’s acquisition of Ixom HoldCo, an industrial and infrastructure business in Australia and New Zealand, it said in a filing to SGX before the market open on Wednesday.
“We are heartened by the strong support for our fundraising exercise, which reinforces that Ixom is a strategic and complementary addition to the Trust’s portfolio,” Matthew Pollard, CEO of KIT’s trustee-manager, Keppel Infrastructure Fund Management, said in the statement.
In March, KIT raised a gross S$300 million in a placement of around 680.3 million units at S$0.441 per unit, the filing said.
The preferential offering, which closed on 4 April, was made on a non-renounceable basis of 118 preferential units for every 1,000 existing units at S$0.441 per preferential unit, it said. Around 455.3 million preferential units will be issued, KIT said, adding the offering was 1.8 times oversubscribed.
Keppel Infrastructure Holdings, a substantial shareholder of KIT, accepted its full allotment of preferential shares. After the new units are listed, Keppel Infrastructure’s stake will be around 18.2 percent.
Due to strong demand from institutional investors for the placement, the size of the equity offering was increased to around S$500.8 million from around S$450 million, the filing said.
They will be quoted on SGX’s main board from the market open on 15 April, the filing said.