Keppel Infrastructure Trust to raise S$299.6 million after private placement closes at S$0.477 per unit
KEPPEL Infrastructure Trust (KIT) has closed its private placement at S$0.477 per unit.
The private placement closed at the highest end of KIT’s proposed price range, and follows the trust’s announcement of its plans to launch an equity funding exercise on Tuesday (Apr 18).
KIT’s manager said on Wednesday that book orders for the placement have closed for the day. It expects the placement units to be listed on the Singapore Exchange at 9 am on Apr 27.
The manager said there was “strong demand” for the placement, which was about 4.2 times subscribed. It added that it would increase the number of placement units to 383,648,000, up from the proposed range of between 262,055,000 and 269,397,000 units.
The placement will raise total gross proceeds of approximately S$183 million.
Keppel Infrastructure Holdings, which undertook an irrevocable agreement with KIT’s manager, has subscribed for 69,859,000 placement units, to maintain its percentage holding of about 18.2 per cent.
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Apart from the private placement, 249,612,694 preferential offering units will be offered at a price of S$0.467 per unit, the highest end of KIT’s proposed price range. This will raise some S$116.6 million in total gross proceeds, and brings the total number of new units to be issued to about 12.7 per cent of KIT’s existing units in issue as at Wednesday.
The record date for the preferential offering has been set for 5 pm on Apr 26. Only unitholders who are on KIT’s register on this date will be eligible to participate in the exercise, which opens on May 2.
KIT’s manager said that entitled unitholders would be offered five preferential offering units for every 100 existing units held.
Between May 2 and May 10, such unitholders can accept their provisional allotments of the preferential offering units, the manager added. It expects the units to be issued on May 18, with trading commencing at 9 am that day.
In total, the equity funding exercise will raise approximately S$299.6 million. Around S$293.1 million of this will go towards partial repayment of bridge facilities; the remaining S$6.5 million will cover fees and expenses incurred in the exercise.
Units of KIT ended Monday flat at S$0.515 before it requested for a trading halt on Tuesday prior to the market open.
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