Keppel Infrastructure Trust to raise $200m through private placement

It will issue 456.6 million units.

Keppel Infrastructure Trust (KIT) plans to raise $200m by issuing 456.6 million new units at $0.438 a piece through a private placement.

Of the total units, the company will issue 6.13 million shares to DBS Multi-Assets Investments (DBS MI).

In a bourse filing, KIT said the issue price represents a discount of 6.0% to the volume weighted average price (VWAP) of $0.4662 per unit for 26 August.

The company will use 96.6% of the net proceeds from the private placement, or $193.2m, to partially repay the outstanding amount drawn down on the Bridge Facility.

Meanwhile, the company will allocate $5.4m, or 2.7% of the proceeds, to cover costs associated with the private placement, such as underwriting, selling commissions, and professional fees.

The company will use the remaining $1.4m (0.7%) to repay existing indebtedness.