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Ascendas Reit preferential offering oversubscribed; raises S$396.5m
ASCENDAS Real Estate Investment Trust's (Ascendas Reit) preferential offering was oversubscribed, raising gross proceeds of around S$396.5 million, its manager said Thursday night in an exchange filing.
The offering was part of an equity fundraising exercise, announced last month, alongside a private placement that raised about S$800 million. This brings total gross proceeds for the fundraising to around S$1.2 billion.
In the preferential offering, there were valid acceptances and excess applications for around 196.8 million new units, around 1.5 times the total of 133.9 million units available.
Valid acceptances amounted to around 79.2 per cent of the total available units, while excess applications accounted for 67.7 per cent. The preferential offering new units, which were not validly accepted, will be allotted to satisfy applications for the excess units, with preference given to rounding of odd lots, the manager said.
The preferential offering was done on the basis of 37 new units for every 1,000 existing units held at the record date of Nov 18, 5pm.
The Reit's sponsor and manager, who collectively owned an aggregate of around 19.2 per cent of total units in issue have accepted in full their provisional allotments of around 25.7 million new units.
The sponsor had applied for 50.8 million excess preferential offering new units to demonstrate its support. However, as the preferential offering was oversubscribed, the sponsor will not be allotted any excess preferential offering new units.
Around 133.9 million new units will be issued at S$2.96 per unit. The new units are expected to be listed and quoted on the mainboard of the Singapore Exchange from 9am on Dec 9.
Ascendas Reit's units closed unchanged at S$2.95 on Thursday, before the announcement.