Aspial Corporation's second retail bond offering of four-year, 5.3 per cent bonds to private banking, institutional and other investors has been oversubscribed within the first day of its launch. The firm said yesterday that the placement tranche received valid applications of more than $25 million and has closed at that level, it said in a stock exchange filing.
But it added in a statement that Aspial Treasury, as the issuer of the bonds, may "have the absolute discretion to re-open the placement". Applications for up to $50 million of the bonds under the public offer remain open until noon, March 30. Retail investors need at least $2,000 to subscribe. The bonds are expected to be issued on April 1 and commence trading at 9am on April 4.
Croesus Retail Asset Management
Croesus Retail Asset Management, the manager of Croesus Retail Trust (CRT), said the private placement of 70 million new units closed yesterday after being oversubscribed by institutional investors. It said the issue price per unit has been fixed at 75 cents and the upsize option has been fully exercised.
This followed its announcement late on Wednesday night of the launch of a private placement of 60 million new units in CRT, with the option to issue an additional 10 million units if the private placement was oversubcribed. The trust manager said in a stock exchange filing that net proceeds from the placement amounted to $50.9 million after deducting fees and expenses. The proceeds will be used to partially fund potential acquisitions of retail assets in Japan, renovate existing assets, as well as for general corporate and working capital purposes.
Parkway Trust Management
Parkway Trust Management, manager of Parkway Life Real Estate Investment Trust, said it has acquired a nursing home facility in Hokkaido, Japan, for about 1.1 billion yen (S$13.6 million) from Kabushiki Kaisha Silver Heights Sapporo.
The trust manager said yesterday that the property known as Silver Heights Hitsujigaoka Ichiban-kan & Nibankan is expected to generate a net property yield of 6.7 per cent.
The deal is to be completed by month end. The purchase will be funded via long-term yen-denominated debt, which "provides a natural hedge for foreign exchange risks arising from (yen-)denominated assets, thereby insulating Parkway Life Reit from (yen) foreign exchange fluctuations", the statement added.