Following its intent to raise US$80.0 million ($109.7 million) through a proposed private placement on Nov 30, Manulife US REIT announced, on Dec 1, that it has raised a total of US$100.0 million.
See: Manulife US REIT to raise US$80.0 mil through private placement
The sum includes the upsize option to issue additional new units in the private placement, which was fully exercised.
The private placement itself was over two times covered. According to the manager of MUST, the private placement saw “strong participation from new and existing institutional investors and private wealth clients”.
Under the private placement, a total of 154.1 million new units will be issued at an issue price of 64.9 US cents per new unit, adding to the 1.59 billion existing units as at April 30.
Of the $100.0 million raised, US$93.5 million will finance part of the total acquisition cost of the acquisition of three properties in the US.
See also: Changes in ICR, leverage to come into effect immediately, with additional disclosures in March
The remaining US$6.5 million will go towards the estimated fees and expenses incurred.
The new units are expected to be traded on the SGX-ST at 9am on or around Dec 9.
Units in MUST closed 3 US cents lower or 4.23% down at 68 US cents.
Photo: MUST
