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Frasers Centrepoint Trust launches preferential offering at S$2.05 apiece

by Stephanie Irvin
in Real Estate
Frasers Centrepoint Trust launches preferential offering at S.05 apiece
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[SINGAPORE] The manager of Frasers Centrepoint Trust on Tuesday (Apr 8) announced the launch of a preferential offering at S$2.05 per unit.

The issue price represents a 7.4 per cent discount to the volume-weighted average price of S$2.2136 apiece.

This preferential offering will be made on the basis of 54 units for every 1,000 existing units held as at 5 pm on Apr 3, to raise gross proceeds of about S$421.3 million.

It is open for subscription on Tuesday at 9 am and its closing date is on Apr 16.

At present, these units on the Singapore Exchange are expected to commence trading on Apr 25 at 9 am.

On Mar 26, FCT closed a private placement of about 105.3 new units to raise gross proceeds of around S$220 million.

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The holders of private placement units are not eligible to participate in the preferential offering, and will not be entitled to cumulative distribution (in relation to existing units in FCT, and their intended distribution for the period from Oct 1, 2024, to Mar 31, 2025, and the advanced distribution for the period from Apr 1 to Apr 3).

The net proceeds of the equity fundraising is used to repay certain existing debts, and help with the recent Northpoint City acquisition.

Earlier on Mar 25, FCT entered into unit purchase agreements with FCL Amber and Bright Bloom Capital to acquire the South Wing of Northpoint City for S$1.17 billion. The purchase was executed by acquiring all the units in North Gem Trust – a private trust that holds the interests in the South Wing of Northpoint City.

With the preferential offering in place, the acquisition price is to be funded by new debt financing with an all-in interest rate assumed at 3.3 per cent.

The acquisition fee of around S$11.3 million will be paid in the form of around 5.4 million acquisition fee units at an issue price of S$2.09 per acquisition fee unit.

Assuming the acquisition had been completed on Oct 1, 2023, the distribution per unit (DPU) would have been S$0.12264 with the issuance of perpetual securities, and S$0.12227 without the issuance of perpetual securities, up from FY2024’s DPU of S$0.12042.

Units of FCT closed 4.1 per cent or S$0.09 lower at S$2.10 on Monday.

Tags: apieceCentrepointFrasersLaunchesOfferingpreferentialS2.05Trust
Stephanie Irvin

Stephanie Irvin

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