Thursday, March 22, 2012

Cache Log Trust

Cache Log Trust: Private placement of 60m new units at an issue price of between $0.985. Price is 5.2% disc to VWAP of prev mkt day and will constitute 9.4% of enlarged share capital. DBS and StanChart will be handling the placement. Net proceeds from the private placement will amt to approx $57.1m, with $36.5m used to fund 21 Changi North Way and $21.1m for repaying existing debt.

The Changi North acquisition was a sale and leaseback done with Pan Asia Logistics and has a NPI yield of approx 7.7%.

Co has an indicative yield of approx 7.7% based on yday’s closing price.

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