Ascott Residence Trust allots S$42.2m from rights issue for debt repayment

S$42.6m balance remaining from gross proceeds.

Ascott Residence Trust Management Limited, as manager of Ascott REIT, wishes to announce that S$42.2 million (which is equivalent to 16.6% of the gross proceeds of the Rights Issue of approximately S$253.7 million) has been used to repay borrowings from revolving credit facilities advanced to Ascott REIT.

The use of proceeds from the Rights Issue as described above is in accordance with the use of proceeds and the percentage allocated as previously disclosed in Ascott REIT’s announcement dated 5 December 2013 in relation to the Rights Issue.

The balance of the gross proceeds of the Rights Issue is approximately S$42.6 million. The Manager said it will make further announcements via SGXNET when the balance of the gross proceeds is materially disbursed.