Keppel Infrastructure Trust seeks to raise $240m in equity funding

The company will use 97.3% of the proceeds to partially pay bridge facilities.

Keppel Infrastructure Trust (KIT) will launch an equity fundraising to raise gross proceeds of not less than $240.0m.

In a bourse filing, KIT said it will conduct the equity funding by way of a private placement and preferential offering.

KIT will issue new units between 262,055,000 and 269,397,000 under private placement. The price of each placement unit will range between $0.464 and $0.477. The trust expects to raise $125m from the private placement.

For its non-renounceable preferential offering, KIT will issue 249,612,694 new units to be priced between $0.464 and $0.467 each. The trust expects to raise $115.0m from the preferential offering.

“The total number of placement units and preferential offering units will not exceed 758,763,838 New Units, representing approximately 15.2% of units in KIT in issue as at the date of this announcement,” KIT said in a bourse filing on 18 April.

KIT will use 97.3% of the gross proceeds from the equity funding exercise or $233.5m to partially repay its bridge facilities.

The trust will use the remaining 2.7% or $6.5m to pay for the fees and expenses incurred by it in connection with the equity fundraising.