The new units will start trading on Feb 27.
In addition, the REIT will be launching a preferential offering, with entitled unitholders subscribing for new units at 32.5 cents each, as part of the bid to raise $300 million in new capital.
The preferential offering of around 447.8 million and 454.5 million new units will be launched following an EGM, which is to be held.
According to E-LOG, the proceeds raised will be used for the funding of any potential acquisitions, redevelopments and asset enhancement initiatives of the properties owned by E-LOG.
See also: Salt Investments looking for alternative funding after two investors missed placement deadline
The equity fundraising will also lower the REIT’s aggregate leverage to 38.0% from 41.8% as at Dec 31, 2022. It will also increase the REIT’s debt headroom to $1.1 billion based on a 45% aggregate leverage limit.
On a pro forma basis, the REIT’s net asset value (NAV) per unit will drop to 35.9 cents from 36.4 cents before the equity fund raising.
