Urban Commons LLC-sponsored Eagle Hospitality Trust is expected to debut on the Singapore Stock Exchange May 24 after completing its IPO, the largest on the bourse in 2019 to date.
The trust with an approximately US$1.27 billion portfolio of hotel properties across the U.S. offered 580,558,000 stapled securities. Each security comprising the offering is priced at 78 U.S. cents, lower than the indicative price of between 80 cents and 81 cents.
Cornerstone investors, which include DBS Bank Ltd. and Gold Pot Developments Ltd., own an aggregate 16.7% interest in the stapled securities of Eagle Hospitality. The trust is expecting to record an annualized distribution yield of 8.2% for 2019 and 8.4% for 2020 based on the IPO's offering price.
DBS Bank is the sole financial adviser and issue manager of the offering. It also functioned as one of the joint global coordinators, joint book runners and underwriters, along with Merrill Lynch (Singapore) Pte. Ltd. and the respective Singapore branches of UBS AG and BNP Paribas. Furthermore, Deutsche Bank AG's Singapore branch and Jefferies Singapore Ltd. also served as joint book runners and underwriters.