CapitaLand Ascendas REIT (SGX:A17U) plans to reallocate SG$30.9 million from its SG$903.5 million fund raise towards debt repayment rather than for part-financing a potential acquisition, according to a filing to the Singapore stock exchange on Thursday.
The company had initially earmarked S$30.4 million to partially finance the potential acquisition of a light industrial asset in Singapore; however, it has since dropped the plan and plans to use the funds for debt repayment purposes.
Out of the total gross proceeds, SG$4.2 million was used to pay the estimated fees and expenses incurred in connection with the equity fund raising, while the reallocated SG$30.9 million was fully deployed for debt repayment purposes, bringing the cumulative utilization across these two categories to SG$35.1 million.
The total gross proceeds of SG$903.5 million were raised through a multi-tranche equity fund raising earlier this year, which included a private placement of 249.4 million units at SG$2.406 per unit alongside a concurrent preferential offering.