It has closed the books of orders for the private placement together with its joint bookrunners and underwriters, Citigroup Global Markets Singapore, DBS Bank, and The Hongkong and Shanghai Banking Corporation Limited (HSBC).
The issue price has also been fixed at $2.800 per new unit, the top end of the issue price range. The upsize option was also exercised in full. The issue price represents a discount of 1.6% to the adjusted volume weighted average price (VWAP) of $2.8456 per unit, and a 2.6% discount to the VWAP of $2.8745 per unit at MINT’s last traded price on Monday (June 22), up to the time the agreement was signed on June 23.
A total of 146.4 million new units, which includes the 18.3 million additional new units under the upsize option, will be issued.
The total gross proceeds of the private placement will be approximately $410.0 million.
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The private placement was covered some 8.2 times after taking into account the exercise of the upsize option.
Of the gross proceeds, the manager says it intends to use some $302.6 million to fully fund the proposed acquisition of the remaining 60% interest in the 14 data centres in the US.
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It also intends to allocate some $100.9 million to repay MINT’s debt, fund future acquisitions, and another $6.5 million to pay the estimated fees and expenses incurred by the private placement.
Units in Mapletree Industrial Trust closed flat at $2.84 on Tuesday.
