MIT secures $410m from oversubscribed private placement

It was approximately 8.2 times covered at the top end of the issue price range.

Mapletree Industrial Trust (MIT) has announced that its private placement was oversubscribed, raising $410m at $2.8 apiece, an SGX filing revealed.

Also read: MIT to raise $350m through private placement

Its joint bookrunners and underwriters—Citigroup Global Markets Singapore, DBS Bank and The Hongkong and Shanghai Banking Corporation, Singapore Branch—have closed the books of orders for the private placement on 24 June.

Further, the upsize option was exercised in full as agreed between the manager and the joint bookrunners and underwriters, following a book-building process. The private placement was approximately 8.2 times covered at the top end of the issue price range of $2.8 per new unit, after taking into account the exercise of the upsize option.

About $302.6m (73.8% of the gross proceeds) will be used to fully fund the proposed acquisition of the remaining 60% interest in the 14 data centres located in the US. Approximately $100.9m (24.6% of the gross proceeds) will be for repaying MIT’s debt, funding future acquisitions and/or for general corporate and/or working capital purposes, whilst around $6.5m (1.6% of the gross proceeds) will be set aside to pay the estimated fees and expenses incurred from the private placement.

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