Keppel Infrastructure Trust (KIT) completed a private placement of 456.6m new units at S$0.438 each in early September 2024. What happened? Keppel Infrastructure Trust (KIT) completed a private placement of 456.6m new units at S$0.438 each in early September 2024. This represents 8.2% of existing unit base and 7.5% of the enlarged unit base of 6,083.3m. The placement raised S$200m for the repayment of a S$390m bridge loan taken up to acquire Ventura Motors Pty Ltd. In July 2024, KIT also raised S$200m through issuance of perpetual securities at coupon of 4.9%. Unit holders will receive a stub distribution of 0.7 cents/unit for the distribution for the period from 1 Jul to 2 Sep. This will be paid on 18 Sep. What's the impact? The new units were issued at distribution yield of 8.1%, based on our estimate. Our FY24E and FY25E DPU forecasts are lowered to 3.67 cents and 3.6 cents, from 3.86 cents and 3.89 cents, respectively. This is due to an enlarged unit...