SINGAPORE - The manager of Aussie-based Frasers Logistics & Industrial Trust (FLT) said on Wednesday (June 28) that its private placement of 78 million new units was 4.6 times subscribedm after seeing strong participation from new and existing institutional investors.
The new units will be issued at an issue price of S$1.01 per unit, which is at the top end of the issue price range of between S$0.985 and S$1.01. FLT closed on Tuesday at S$1.04.
The net proceeds from the private placement will amount to approximately S$77.2 million. They will be used to partially fund the proposed acquisition by FLT of seven properties, namely the Yusen Logistics Facility, the Survitec & Phoenix Facility, the Ecolab Facility, the CEVA Tech Facility, the Stanley Black & Decker Facility, the CH2 Clifford Hallam Facility and the Beaulieu Facility.
DBS Bank and Merrill Lynch (Singapore) Pte Ltd were the joint lead managers and underwriters for the placement.