Keppel Infrastructure Trust (KIT) A7RU has raised around $299.6 million from its private placement and preferential offering, higher than the $240 million the trust sought to raise previously.
On April 27, KIT announced that it will be allotting and issuing around 383.6 million units on April 27 at 47.7 cents per placement unit, higher than the previous range of between 262.06 million and 269.4 million units.
The issue price is at the highest end of the 46.4 cent to 47.7 cent range given in KIT’s placement announcement on April 18.
According to KIT, its placement offering was oversubscribed and that its book of orders closed for the placement on April 27. The placement, which was approximately 4.2 times subscribed, saw “strong demand” from new and existing institutional investors. It was fully covered within the first hour of the book building process.
Accordingly, the joint lead managers, bookrunners and underwriters (Citigroup Global Markets, DBS Bank, The Hongkong and Shanghai Banking Corporation or HSBC, OverseaChinese Banking Corporation Limited or OCBC and United Overseas Bank Limited or UOB) have agreed to increase the number of placement units to 383.6 million.
KIT had also issued 249.6 million preferential offering units at 46.7 cents, which is also at the highest end of the 46.4 cent and 46.7 cent range
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The placement units were listed on the SGX-ST at 9am on April 27 while the preferential offering is expected to open at 9am on May 2.
About $293.1 million of the fund raising’s gross proceeds will partially repay KIT’s bridge facilities. Another $6.5 million will pay the fees and expenses that were incurred from the fund raising.
Units in KIT closed 1 cent lower or 2.02% down at 48.5 cents on April 27.
