CapitaLand Retail China Trust Private Placement oversubscribed by 3x, upsized to S$245.4M

Editorial Team
Editorial Team

The Manager of CapitaLand Retail China Trust (SGX:AU8U) (CRCT) announced on 18 November that its Private Placement exercise have been upsized in full to raise gross proceeds of approximately S$245.4 million.

Following a bookbuilding process, the issue price for CRCT’s Private Placement has been fixed at S$1.195 per New Unit which represents a discount of approximately 6.6% to the closing price of S$1.280 per Unit of all Units traded on Singapore Exchange Securities Trading Limited (SGX-ST) on 16 November.

The issue price per New Unit under the Preferential Offering has been fixed at S$1.170 per New Unit, a discount of approximately 8.6% to the closing price of S$1.280 per unit

A total of 205,331,000 New Units will be issued pursuant to the Private Placement and a total of 68,997,855 New Units will be issued pursuant to the Preferential Offering. Under the Preferential Offer, existing Unitholders will be able to purchase 56 New Units for every 1000 existing units held as at 5pm on 25 November 2020.

The total gross proceeds of the Equity Fund Raising will be approximately S$326.1 million comprising approximately S$245.4 million from the Private Placement and approximately S$80.7 million from the Preferential Offering.

As at time of writing, CRCT was trading at S$1.230, down 3.9% or 0.05 Singapore cents.