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<!doctype html> <html lang="en"> <head> <meta charset="UTF-8" /> <link href="/favicon.ico" rel="icon" type="image/x-icon" /> <meta content="width" name="MobileOptimized" /> <meta content="true" name="HandheldFriendly" /> <meta content="width=device-width, initial-scale=1" name="viewport" /> <meta content="ie=edge" http-equiv="x-ua-compatible" /> <script> // Initialize the google variables. var googletag = googletag || {}; googletag.cmd = googletag.cmd || []; // Add a place to store the slot name variable. googletag.slots = googletag.slots || {}; </script> <title data-rh="true">CICT closes private placement at S$2.04 apiece</title><meta data-rh="true" name="description" content="CAPITALAND Integrated Commercial Trust (CICT) closed its private placement at S$2.04 per new unit, said its manager on Wednesday (Sep 4)."/><meta data-rh="true" name="robots" content="index, follow, max-image-preview:large"/><meta data-rh="true" name="article:title" content="CICT closes private placement at S$2.04 apiece"/><meta data-rh="true" name="article:description" content="CAPITALAND Integrated Commercial Trust (CICT) closed its private placement at S$2.04 per new unit, said its manager on Wednesday (Sep 4)."/><meta data-rh="true" name="article:published_time" content="2024-09-04T08:42:07+08:00"/><meta data-rh="true" name="created" content="1725410527"/><meta data-rh="true" name="article:modified_time" content="2024-09-04T08:42:10+08:00"/><meta data-rh="true" name="updated" content="1725410530"/><meta data-rh="true" name="article:articleid" content="4613699"/><meta data-rh="true" name="articleid" content="4613699"/><meta data-rh="true" name="article_id" content="4613699"/><meta data-rh="true" name="article_tags" content="capitaland integrated commercial trust,private placement,orchard road"/><meta data-rh="true" name="article:sph-keywords" content="CapitaLand Integrated Commercial Trust,private placement,Orchard Road"/><meta data-rh="true" name="article:author" content="Chong Xin Wei"/><meta data-rh="true" name="author" content="Chong Xin Wei"/><meta data-rh="true" name="article:sph-accessflag" content="0"/><meta data-rh="true" name="article:pageclass" content="article"/><meta data-rh="true" name="google-site-verification" content="64YzaSIKUvOcgG1DccSNNzlWDqXwjSx4lDDgbgtDLJE"/><meta data-rh="true" name="format-detection" content="telephone=no"/><meta data-rh="true" name="article:category_id" content=""/><meta data-rh="true" name="article:category" content="Companies &amp; Markets"/><meta data-rh="true" property="og:site_name" content="The Business Times"/><meta data-rh="true" property="og:type" content="article"/><meta data-rh="true" property="og:url" content="https://www.businesstimes.com.sg/companies-markets/cict-closes-private-placement-s2-04-apiece"/><meta data-rh="true" property="og:title" content="CICT closes private placement at S$2.04 apiece"/><meta data-rh="true" property="og:description" content="CAPITALAND Integrated Commercial Trust (CICT) closed its private placement at S$2.04 per new unit, said its manager on Wednesday (Sep 4). Read more at The Business Times."/><meta data-rh="true" property="og:image" content="https://cassette.sphdigital.com.sg/image/businesstimes/9a75b156f297b7d584ede2e29bc2b344d1d7de3a1fa60c0ca0606db819375c19"/><meta data-rh="true" property="og:image:width" content="1200"/><meta data-rh="true" property="og:image:height" content="630"/><meta data-rh="true" property="og:image:alt" content="The new private placement units are expected to be issued on Sep 12. "/><meta data-rh="true" property="fb:admins" content="100008016031098"/><meta data-rh="true" property="fb:pages" content="288031731262011"/><meta data-rh="true" property="fb:app_id" content="328386607332790"/><meta data-rh="true" property="twitter:card" content="summary_large_image"/><meta data-rh="true" property="twitter:site" content="@BusinessTimes"/><meta data-rh="true" property="twitter:title" content="CICT closes private placement at S$2.04 apiece"/><meta data-rh="true" property="twitter:url" content="https://www.businesstimes.com.sg/companies-markets/cict-closes-private-placement-s2-04-apiece"/><meta data-rh="true" property="twitter:description" content="CAPITALAND Integrated Commercial Trust (CICT) closed its private placement at S$2.04 per new unit, said its manager on Wednesday (Sep 4). 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text-gray-850 md:px-6 md:text-10xl">CICT closes private placement at S$2.04 apiece</h1><p class="mb-6 mt-2 font-lucida text-xl tracking-[-0.075rem] text-gray-850 md:px-6 md:text-4xl md:leading-normal">The proceeds will be used to fund a proposed acquisition of a 50 per cent interest in Ion Orchard and its connecting underpass</p><div class="mb-6 md:px-6 min-h-[50px] text-gray-850 mt-4 space-y-4 md:flex md:flex-wrap md:space-y-0" data-testid="article-authors-list-component"><div class="flex flex-row items-start justify-start gap-2" data-testid="byline-component"><div class="flex flex-shrink-0 flex-row items-center justify-start"><img class="rounded-full" src="https://cassette.sphdigital.com.sg/image/businesstimes/83556869b07fda2527474862b4f240f8f0d1286b1d2111c04909b60278e77bf3" alt="Chong Xin Wei" width="50" height="50"/></div><div class="flex flex-col flex-wrap pl-2"><div class="flex flex-wrap gap-x-1.5"><h4 class="align-middle font-poppins font-semibold text-gray-850 word-break text-base" data-testid="byline-name-component"><a class="!text-gray-850 hover:underline" href="/authors/chong-xin-wei" target="_blank">Chong Xin Wei<!-- --> </a></h4></div><div class="font-public-sans text-xs font-normal leading-6 text-gray-650"><span data-testid="article-published-time">Published <!-- -->Wed, Sep 4, 2024 · 08:42 AM</span></div></div></div></div><div class="mb-3 flex items-center justify-between border-b border-t border-gray-250 py-3 md:mx-6 md:mb-6 md:py-4"><div data-testid="article-keyword-filter-first" class="w-full"><div data-testid="article-top-keyword" class="p-3 inline-block w-full bg-transparent !p-0 relative"><div class="group relative"><div class="flex items-center"><a class="line-clamp-1 place-self-center break-all text-center font-poppins text-base font-semibold capitalize !text-gray-850 border-r-0 px-0 md:px-3" href="/keywords/capitaland-integrated-commercial-trust">CapitaLand Integrated Commercial Trust</a><button data-size="md" type="button" 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justify-center"><img src="data:image/svg+xml,%3csvg%20xmlns=&#x27;http://www.w3.org/2000/svg&#x27;%20viewBox=&#x27;0%200%2016%2016&#x27;%20fill=&#x27;%232b2b2b&#x27;%3e%3cpath%20d=&#x27;M4.646%201.646a.5.5%200%200%201%20.708%200l6%206a.5.5%200%200%201%200%20.708l-6%206a.5.5%200%200%201-.708-.708L10.293%208%204.646%202.354a.5.5%200%200%201%200-.708z&#x27;/%3e%3c/svg%3e" width="18" height="18"/></div></button></div><div class="splide__track"><ul class="splide__list"><li class="splide__slide"><div class="relative h-full"><div class="mx-auto aspect-3x2 w-full max-w-[1400px] bg-gray-250"></div></div></li></ul></div></div><div class="splide"><div class="splide__track"><ul class="splide__list"><li class="splide__slide"><div><div class="py-2 px-3 font-poppins text-xs text-gray-850 md:px-8">The new private placement units are expected to be issued on Sep 12. PHOTO: BT FILE</div></div></li></ul></div></div></div><div class="body-content tracking-tighter mb-6 mt-4 font-lucida text-lg font-medium leading-normal tracking-[-0.05625rem] text-gray-850 antialiased md:px-8 md:text-xl" data-testid="article-paragraphs-component"><div class="relative mb-4 md:mb-6"><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">CAPITALAND Integrated Commercial Trust<!-- --> (CICT) closed its private placement at S$2.04 per new unit, said its manager on Wednesday (Sep 4). </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">The private placement was 3.7 times subscribed with “strong demand” from new and existing institutional, accredited and other investors. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">The manager announced plans to launch an equity funding exercise on Tuesday, consisting of a private placement and pro-rata non-renounceable preferential offering, to raise gross proceeds of at least S$1.1 billion. </p><div class="my-8 md:my-12 w-screen bg-gray-125 transition-all duration-300 border-gray-175 min-h-0 border-y-0 bg-none py-0" style="max-width:0px;margin-left:calc(-1*(0px - 100%) / 2 );height:0"><div data-component="component-container" class="container px-3 sticky top-[120px]"><div class="relative mx-auto w-full md:w-10/12 md:px-8 lg:w-8/12"><div class="text-center text-center" data-testid="advertisement-element"><div id="dfp-ad-imu1" class="adunit-component"></div></div></div></div></div><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">The proceeds will be used to fund a proposed acquisition of a 50 per cent interest in Ion Orchard and its connecting underpass, Ion Orchard Link, from its sponsor CapitaLand Investment. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">A total of 171.7 million new units will be issued under the placement to raise total gross proceeds of about S$350.3 million. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">The issue price represents a discount of about 4.4 per cent to the volume-weighted average price (VWAP) of S$2.1338 per unit for all trades done on Monday, and up to the time the underwriting agreement was signed on Tuesday. </p><div class="py-10 md:-mx-8"><div class="mb-6 border border-gray-175 p-6 md:p-8"><div class="" data-component="generic-newsletter"><h5 class="mb-6 border-b border-gray-850 pb-2 !font-poppins text-base font-semibold uppercase leading-normal tracking-5% text-gray-850 md:text-lg">BT in your inbox</h5><div class="flex py-3 md:px-10 md:py-6"><img alt="Newsletter Img" class="hidden h-auto max-w-full self-start min-[321px]:block" width="75" height="75" src="/assets-web2/generic_newsletter-CGny2zps.png"/><div class="min-[321px]:pl-4 md:pl-6"><p role="description" class="mb-3 font-public-sans text-base font-light tracking-normal text-gray-850 md:text-lg">Start and end each day with the latest news stories and analyses delivered straight to your inbox.</p><div class="relative hidden w-full md:block md:w-4/5 lg:w-7/10 xl:w-6/10"><div class="relative"><button data-size="md" type="button" class="!outline-none focus-within:outline-none focus:outline-none outline-0 focus-within:outline-0 focus:outline-0 flex cursor-pointer items-center justify-center whitespace-nowrap rounded-full border border-solid border-gray-175 text-center !font-poppins text-gray-850 transition-all duration-150 hover:border-gray-850 data-[size=lg]:h-[68px] data-[size=md]:h-[42px] data-[size=sm]:h-[36px] font-semibold text-xs tracking-[0.02em] w-full min-w-[155px] bg-transparent px-0 py-0 hover:bg-transparent md:max-w-[155px]" data-rac="" id="react-aria-:Rbabcoodcscu5:">Sign Up</button></div></div></div></div><div class="relative block w-full md:hidden "><div class="relative"><button data-size="md" type="button" class="!outline-none focus-within:outline-none focus:outline-none outline-0 focus-within:outline-0 focus:outline-0 flex cursor-pointer items-center justify-center whitespace-nowrap rounded-full border border-solid border-gray-175 text-center !font-poppins text-gray-850 transition-all duration-150 hover:border-gray-850 data-[size=lg]:h-[68px] data-[size=md]:h-[42px] data-[size=sm]:h-[36px] font-semibold text-xs tracking-[0.02em] w-full min-w-[155px] bg-transparent px-0 py-0 hover:bg-transparent md:max-w-[155px]" data-rac="" id="react-aria-:Rnbcoodcscu5:">Sign Up</button></div></div></div></div></div><div class="w-screen bg-gray-125 transition-all duration-300 border-gray-175 min-h-0 border-y-0 bg-none py-0" style="max-width:0px;margin-left:calc(-1*(0px - 100%) / 2 );height:0"><div data-component="component-container" class="container px-3 sticky top-[120px]"><div class="relative mx-auto w-full md:w-10/12 md:px-8 lg:w-8/12"><div class="text-center text-center" data-testid="advertisement-element"><div id="dfp-ad-midarticlespecial" class="adunit-component my-8 md:my-12"></div></div></div></div></div><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">For illustrative purposes, the issue price represents a discount of about 3.4 per cent to the adjusted VWAP of S$2.1122 per unit, after subtracting an estimated advanced distribution. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">The manager intends to declare an advanced distribution of between S$0.0211 and S$0.0221 per unit in connection with the private placement. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">This will be for the period from Jul 1 to the day immediately prior to the date on which the new units are issued. </p><div class="mb-6 mt-8 border border-gray-175 p-6 md:-mx-8 md:mt-0 md:p-8" data-testid="article-read-more"><div><div class="mb-6 border-b border-gray-850 pb-2 !font-poppins text-base font-semibold leading-normal tracking-5% text-gray-850 md:text-lg">SEE ALSO</div><div data-testid="section-article-read-more"><div class="mb-6" data-testid="article-read-more-items"><div data-testid="basic-card" data-cueid="4601431" class="relative flex flex-wrap items-start gap-4"><div class="relative flex order-1 flex-shrink-0 w-[70px] lg:w-[90px]"><div class="flex items-center justify-center bg-gray-250 w-full"><div class="w-full" style="position:relative"><a rel="noopener" href="/companies-markets/cict-proposes-s1-85-billion-deal-acquire-50-stake-ion-orchard-sponsor" target="_blank"><picture><source media="(min-width: 992px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/5c8e4999a374d7b29a67750a2c5d189d16f26ce553ab4f4369024e0f9d25fbc5?w=180&amp;h=120&amp;dpr=1&amp;f=webp 1x"/><source media="(min-width: 768px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/5c8e4999a374d7b29a67750a2c5d189d16f26ce553ab4f4369024e0f9d25fbc5?w=140&amp;h=100&amp;dpr=1&amp;f=webp 1x"/><source srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/5c8e4999a374d7b29a67750a2c5d189d16f26ce553ab4f4369024e0f9d25fbc5?w=300&amp;h=200&amp;dpr=1&amp;f=webp 1x"/><img src="https://cassette.sphdigital.com.sg/image/businesstimes/5c8e4999a374d7b29a67750a2c5d189d16f26ce553ab4f4369024e0f9d25fbc5?q=20&amp;w=3&amp;h=2&amp;f=webp" loading="lazy" alt="The proposed acquisition is expected to be completed in Q4 of 2024. " class="w-full aspect-3x2"/></picture></a></div></div></div><div class="flex flex-grow flex-col w-full-120px lg:w-2/3 order-2 text-white"><h3 class="_title_d4ajx_12 !text-base my-0 leading-[1.3rem] tracking-normal !font-lct" data-testid="title_link_4601431"><a class="inherit word-break hover:underline !text-gray-850" rel="noopener" title="CICT proposes S$1.85 billion deal to acquire 50% stake in Ion Orchard from sponsor " href="/companies-markets/cict-proposes-s1-85-billion-deal-acquire-50-stake-ion-orchard-sponsor" target="_blank">CICT proposes S$1.85 billion deal to acquire 50% stake in Ion Orchard from sponsor </a></h3></div></div></div></div></div></div><div class="my-8 md:my-12 w-screen bg-gray-125 transition-all duration-300 border-gray-175 min-h-0 border-y-0 bg-none py-0" style="max-width:0px;margin-left:calc(-1*(0px - 100%) / 2 );height:0"><div data-component="component-container" class="container px-3 sticky top-[120px]"><div class="mx-auto w-full md:w-10/12 md:px-8 lg:w-8/12"><div class="text-center text-center" data-testid="advertisement-element"><div id="dfp-ad-imu2" class="adunit-component"></div></div></div></div></div><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">A further announcement on the actual quantum of distribution per unit will be made available, said the manager. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">The new private placement units are expected to be issued on Sep 12. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Apart from the private placement, a total of 377.3 million preferential offering units will be offered at a price of S$2.007 apiece. This will raise about S$757.2 million. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">The issue price represents a discount of about 5.9 per cent to the VWAP of S$2.1338 per unit. It represents an approximate 5 per cent discount to the adjusted VWAP of S$2.1122 per unit, for illustrative purposes. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">The manager intends to use around S$1.08 billion, or 97.8 per cent of the total gross proceeds, to finance the proposed acquisition. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Some S$5 million will be used to repay and refinance debt and/or capital expenditure, as well as asset enhancement initiatives. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">About S$19.9 million will go towards the payment of estimated fees and expenses, including professional fees and expenses incurred by the trust in connection with the equity fundraising. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Units of CICT ended Monday up S$0.01 or 0.5 per cent to S$2.13, before the trust requested a trading halt on Tuesday morning. 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