CapitaLand Retail China Trust priced its private placement of 105.04 million shares at S$1.469 each, the top of its S$1.428 to S$1.469 indicative range, amid strong demand, the trust said Friday.
The placement was more than three times subscribed and met with strong participation from new and existing institutional and other accredited investors, CRCT said in a filing to SGX before the market open.
The issue price is a 5.2 percent discount to the closing price of S$1.55 a unit on Thursday, the trust said.
The private placement is part of CRCT’s equity fund raising of new units to raise between S$273.4 million and S$279.4 million via a private placement and a preferential offering, which was announced Thursday.
The pricing of the private placement has set the preferential offering of 86.87 million new units, on the basis of 87 new units for every 1,000 existing units, at S$1.44 a unit, the filing said.
The preferential offering pricing is a discount of 7.1 percent to the closing price on Thursday, CRCT said.
The total gross proceeds of the equity fund raising is expected to be around S$279.4 million, comprising around S$154.3 million from the private placement and around S$125.1 million from the preferential offering, CRCT said.
CRCT has said it plans to use the proceeds to partially finance the proposed acquisition of CapitaMall Xuefu, CapitaMall Aidemengdun and CapitaMall Yuhuating.
DBS Bank and J.P. Morgan (S.E.A.) were the joint global coordinators and bookrunners for the equity fund raising, the filing said.
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