Keppel Infrastructure Trust raises placement and preferential offering proceeds by 11% to $500.8m

It cited strong demand from investors.

Keppel Infrastructure Trust (KIT) will raise the proceeds of its private placement and preferential offering units from $450m to $500.8m after receiving strong demand from investors, an announcement revealed.

The total gross proceeds from the private placement will be raised to $300m. 680.27 million placement units will be issued at a price of $0.44 per unit, representing a discount of the volume-weighted average price of $0.49 per unit.

The units will be listed on the Singapore Exchange Securities Trading Limited (SGX-ST) on 25 March 2019 at 9 a.m.

Meanwhile, approximately $200.8m is expected to come from the preferential offering. 455.31 million preferential offering units will be priced at $0.44 per unit.

The preferential offering will open on 27 March 2019 at 9 a.m.

The new units are expected to be equivalent to a 29.4% shareholding stake in KIT. These will finance the company’s acquisition of Australian chemical firm Ixom Holdings.

Credit Suisse Singapore, DBS, HSBC Singapore, and UOB have been appointed as the joint lead managers, bookrunners, and underwriters.