CICT launches 103.6 million new units for private placement

This is to raise gross proceeds of more than $200m.

CapitaLand Integrated Commercial Trust Management Limited announced the proposed private placement of 103,627,000 new units in CapitaLand Integrated Commercial Trust (CICT).

An issue price between $1.93 to $1.98 per new unit will be implemented, with the goal of raising gross proceeds of no less than $200m. An upsize option can also be implemented, should the demand show.

This price represents a discount of approximately 3.7% and 6.1% to the volume-weighted average price (VWAP) of $2.9561 per unit for trades done on the Singapore Exchange Securities Trading Limited on 6 December 2021. This is also approximately 1.3% and 3.9% to the adjusted VWAP of $2.0076 per unit, as well as approximately 3.4% and 5.9% to the closing price on 6 December 2021.

J.P. Morgan S.E.A Limited and United Overseas Bank Limited will serve as joint bookrunners and underwriters for the placement agreement. These two will also determine the final issue price, following a book-building process.

Meanwhile, the gross proceeds of around $200m from the private placement will be used to partially finance the proposed acquisitions of all units in Acacia Goulburn Trust, potential acquisitions in Singapore and payment of transaction expenses.

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