China-based outlet mall operator Sasseur Real Estate Investment Trust raised S$396.0 million from its IPO of 266,562,500 units in Singapore at the price of 80 Singapore cents per unit.
The REIT commenced trading March 28 on the Singapore stock exchange's main board at 9 a.m. local time.
Sasseur also noted two separate syndicated term loan facilities with respective amounts of roughly 1.96 billion yuan and up to S$125.0 million. The REIT has maxed out the first facility and it intends to draw down the full amount of the second facility on the same date as its trading debut.
Sasseur is planning to use all the money raised from its IPO to finance the full redemption of its 495,000,000 units from Sasseur Cayman Holding II Ltd. Meanwhile, the S$522.6 million total equivalent of the loan facilities' amounts will be used to repay certain onshore debt and for general corporate and working capital purposes, among other uses.
DBS Bank Ltd. is the sole financial adviser and issue manager of the IPO. DBS, together with the Singapore branch of Bank of China Ltd., also served as joint global coordinators, joint book runners and underwriters. Other joint book runners and underwriters are China International Capital Corp. (Singapore) Pte. Ltd., Citigroup Global Markets Singapore Pte. Ltd., Credit Suisse (Singapore) Ltd., Haitong International Securities (Singapore) Pte. Ltd. and Maybank Kim Eng Securities Pte. Ltd.
As of March 27, US$1 was equivalent to 6.28 yuan and S$1.31.