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Cache LogisticsTrust closes rights issuance

Cache LogisticsTrust received valid acceptances and excess applications totaling 304,191,206 rights units from an underwritten issuance of 162,565,716 rights units.

The acceptances received as at the closing Sept. 29 represent roughly 187.1% of the total rights units available under the issue, and includes excess applications for 152,079,026 rights units, with the balance of 10,453,536 rights units not validly accepted to be allotted to meet excess applications.

Cache anticipates to issue the new rights units on or around Oct. 9. Meanwhile, the rights units are expected to be listed and quoted on the main board of the Singapore bourse Oct. 10.

The company intends to use the gross proceeds for the partial repayment of existing debt, payment of issuance-related expenses and for working capital purposes.

DBS Bank Ltd. and The Hongkong and Shanghai Banking Corp. Ltd. Singapore Branch acted as joint lead managers and underwriters to the rights issue.

As of Oct. 3, US$1 was equivalent to S$1.36.