Ascott REIT funnels S$54m to debt repayment and asset enhancement

Using proceeds from recent rights issue.

In a disclousre to the Singapore Exchange, Ascott Residence Trust (Ascott REIT) announced the initial use of proceeds from its underwritten and renounceable rights issue. The trust managed to raise approximately S$253.7 million in gross proceeds, part of which were spent on three activities.

Fist, approximately S$49.8 million (which is equivalent to approximately 19.6% of the gross proceeds of the Rights Issue) has been used to repay borrowings from two revolving credit facilities advanced to Ascott REIT.

Second, approximately S$4.2 million (which is equivalent to approximately 1.7% of the gross proceeds of the Rights Issue) has been used to fund the asset enhancement of Somerset St Georges Terrace Perth.

Third and last, approximately S$3.3 million (which is equivalent to approximately 1.3% of the gross proceeds of the Rights Issue) has been used to pay the underwriting commission of S$3.1 million for the Rights Issue and the applicable goods and services tax on the underwriting commission.

Further announcements will be made by the manager of Ascott REIT, Ascott Residence Trust Management Lmited, when the balance of the gross proceeds is materially disbursed.

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