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Eagle Hospitality raises US$566M from Singapore IPO


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Eagle Hospitality raises US$566M from Singapore IPO

Eagle Hospitality Trust raised US$565.8 million of gross proceeds from its recently completed IPO on the Singapore stock exchange and issuance of stapled securities to cornerstone investors.

The offering comprised the issuance of 580,558,000 stapled securities priced at 78 U.S. cents apiece.

Further, Eagle Hospitality Trust issued 144,870,000 stapled securities to cornerstone investors and 142,459,998 stapled securities as part consideration for the purchase of two portfolios from vendors.

In total, the company raised US$1.18 billion of proceeds via the offering, the issuance of stapled securities and the drawdown of US$507.5 million in debt facilities. Eagle Hospitality Trust disbursed approximately US$1.16 billion for the purchase of its initial portfolio and transactions costs, and held the balance of US$23.6 million for working capital purposes.

In a news release, Eagle Hospitality noted that it completed May 24 the acquisition of its initial portfolio and commenced trading in Singapore on the same day after closing its IPO, considered to be the largest on the city-state's bourse in 2019 to date.

DBS Bank Ltd., which is also one of the trust's cornerstone investors, was the sole financial adviser and issue manager of Eagle Hospitality's IPO.

The bank is also one of the joint global coordinators, joint book runners and underwriters of the offering, along with Merrill Lynch (Singapore) Pte. Ltd. and the respective Singapore branches of UBS AG and BNP Paribas. Deutsche Bank AG's Singapore branch and Jefferies Singapore Ltd. also served as joint book runners and underwriters, according to an earlier report.