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Its manager raises total of S$421.3 million from the offering and a private placement that closed on Mar 26
[SINGAPORE] The manager of Frasers Centrepoint Trust (FCT) on Monday (Apr 21) said that its preferential offering was 24.8 per cent oversubscribed.
The manager received applications for 122,584,803 preferential offering units, against the 98,185,673 units offered. The offering was launched earlier this month at S$2.05 per unit. The issue price represented a 7.4 per cent discount to the volume-weighted average price of S$2.2136.
The offering was made on the basis of 54 units for every 1,000 existing units held as at 5pm on Apr 3, to raise gross proceeds of about S$201.3 million.
Together with an upsized private placement that closed on Mar 26, FCT has raised a total of S$421.3 million. At the enlarged size, the private placement was about four times covered, with 105.3 new units sold at S$2.09 apiece.
FCT will use the net proceeds of the fundraising to repay certain existing debts, and to help with the recent Northpoint City acquisition.
On Mar 25, FCT entered into unit purchase agreements with FCL Amber and Bright Bloom Capital to buy the South Wing of Northpoint City for S$1.17 billion. The purchase was executed by acquiring all the units in North Gem Trust, a private trust that holds the interests in the South Wing of Northpoint City.
These units are expected to commence trading on the Singapore Exchange at 9am on Apr 25.
Units of FCT closed unchanged on Monday at S$2.21.
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