-- BWP Trust (ASX:BWP) launched a fully underwritten pro rata entitlement offer to generate about AU$228 million, according to a Wednesday filing with the Australian bourse.
The offer entitles eligible security holders to subscribe for one new security for every 12 existing BWP securities held as of the May 8 record date at a price of AU$3.77 per security.
Wesfarmers (ASX:WES), which is BWP's largest security holder with a 23.4% stake, will take up its full entitlement with a commitment of about AU$53 million, per the filing.
BWP Trust said proceeds from offer facilitate future capital deployment opportunities including the funding of commitments.