CapitaLand Commercial Trust's $220m private placement five times oversubscribed

The new units will start trading on SGX-ST on 29 July.

CapitaLand Commercial Trust (CCT) revealed that its $220m private placement was five times oversubscribed, thanks to the strong demand from new and existing investors.

The private placement was issued at a price of between $2.043 and $2.105. In consultation with the manager, joint book runners and underwriters DBS and JP Morgan have closed the book of orders for the private placement at a fixed issue price of $2.095.

According to CCT Management, the fixed issue price of $2.095 per new unit represents a discount of approximately 3.7% to the volume weighted average price (VWAP) of $2.1762 per unit for trades in the units done on Singapore Exchange Securities Trading (SGX-ST) for the market day on 17 July when the placement agreement was signed.

The firm noted that the trading of the new units on the SGX-ST is expected to commence at 9 a.m. on 29 July.