CapitaLand Retail China Trust (SGX:AU8U) (CRCT) announced on Tuesday morning that it is undertaking a private placement as well as a non-renounceable preferential offering to raise gross proceeds of up to S$300 million.

Private Placement

CRCT will be offering 184.41 million new units under the Private Placement to eligible institutional, accredited and other investors to raise gross proceeds of no less than approximately S$220.0 million. The offer can be upsized with another 20.956 million new units for an additional S$25 million.

The issue price of S$1.193 to S$1.236 represents a discount of between 3.4% to 6.8% to the closing price of S$1.2800 per unit of all trades traded on Singapore Exchange Securities Trading Limited (SGX-ST) on 16 November 2020, the day before the Underwriting Agreement was signed. This also represents a discount of approximately 4.1% to 7.5% to the volume weighted average price (VWAP) of S$1.2891 per unit of all trades on SGX-ST on 16 November.

Citigroup Global Markets Singapore Pte. Ltd., DBS Bank Ltd. and The Hongkong and