Mapletree Logistics Trust issues new units to raise $375m

It will partially fund the firm's acquisitions.

Mapletree Logistics Trust (MLT) launched the private placement of 309.9 million new units to raise $375m, an announcement revealed.

The new units were priced at $1.21 apiece and have seen strong participation from new and existing institutional and other investors as it was covered approximately 2.4 times.

Also read: Mapletree Logistics Trust's net profit jumps 29.1% to $60.9m in Q2

According to MLT, 87% or $326m from the gross proceeds will be utilised to partially fund the aggregate purchase price of approximately $778.3m of the firm’s acquisitions. Meanwhile, $48.8m shall be used to pay other expenses incurred in connection to the acquisitions and the private placement.

Citigroup Global Markets, HSBC, BNP Paribas, and Goldman Sachs have been appointed as the global coordinators and book runners. The new units are expected to be issued by 28 September.