Suntec Reit successfully raised S$428.8 million through private placement - 29 NOV 2010

Suntec Reit successfully raised S$428.8 million through private placement:

• Press Release
• Announcement

Key Points

• Private placement of 313 million new units in Suntec REIT have been fully subscribed at an issue price of S$1.37 per New Unit. 
• The Issue Price represents a discount of 4.02% to the volume weighted average price of S$1.4274 per unit in Suntec REIT and 2.88% to the adjusted volume weighted average price of S$1.4106 per Unit for trades done for the full market day on 26 November 2010.
• The net proceeds from the Private Placement which amount to approximately S$417.9 million will be used to partially finance the acquisition of a one-third interest in Marina Bay Financial Centre Towers 1 and 2 and the Marina Bay Link Mall. 
• The Manager has on 26 November 2010 obtained the approval of unitholders of Suntec REIT at an extraordinary general meeting for the Acquisition.
• In connection with the Private Placement, existing Unitholders will be entitled to receive a distribution income for the period from 1 October 2010 to the day immediately prior to 9 December 2010, being the expected date on which the New Units are issued pursuant to the Private Placement. 
• The New Units are not entitled to the Advanced Distribution. 

Author's Note
The book closure for the advanced distribution will be at 5.00 p.m. on 8 December 2010. The actual quantum of the distribution per Unit under the Advanced Distribution will be announced at a later date. The next distribution thereafter will comprise Suntec REIT’s distributable income for the period from the day the New Units are issued (9 December 2010) to 31 December 2010. Quarterly distributions will resume thereafter.

Earlier part of the day the manager has announced the private placement with the range of issue price between S$1.34 and S$1.38 per New Unit. The final issue price S$1.37 is towards the top of the range. The Private Placement was 3.1 times oversubscribed.

Related Posts

• SUNTEC Reit - Circular to shareholders in relation to proposed acquisition of a one-third stake in MBFC 1 - 8 NOV 2010
• SUNTEC Reit proposed acquisition of a one-third interest in Marina Bay Financial Centre Towers 1 and 2 and the Marina Bay Link Mall - 26 OCT 2010