About $325.0 million from the gross proceeds will be used for FCT’s revolving credit facilities, pending the deployment of the proceeds of the equity fund raising to fund the ARF purchase acquisition.
Another $80.0 million has been utilised to repay a secured bank loan, according to FCT.
According to the manager, the use of these proceeds is “in accordance with the stated use" and is “materially in accordance” with the allocated percentage of the gross proceeds of the equity fund raising.
The balance of the gross proceeds has also been used to pay the professional and other fees and expenses incurred in connection with the private placement, and for placement in fixed deposits.
Units in FCT closed 2 cents lower, or 0.8% down, at $2.36 on Oct 7.
