CMT units down 3.7% after close of private placement; raises S$277.6m

CAPITALAND Mall Trust (CMT) has closed a private placement of more than 134 million new units at an issue price of S$2.07 per unit, raising gross proceeds of S$277.6 million.

Net proceeds of S$273.1 million will be used to partially finance the acquisition of the remaining 70 per cent interest in Westgate.

The private placement was about 2.7 times covered, and the upsize option was exercised in full, CMT said late on Thursday.

The issue price of S$2.07 per new unit represents a discount of 3.77 per cent to the volume-weighted average price (VWAP) of S$2.1512 per unit for trades done on Thursday. Trading of the new units will commence on Nov 8.

CMT units fell 3.69 per cent or eight Singapore cents to S$2.09 in early morning trade on Friday.