Keppel Reit

Keppel Reit: to issue 40m new units at $1.33/sh, vs $1.345 at last close. Net proceeds of $52.3m will be used to repay borrowings and for working capital purposes. This will lower the group’s leverage from 42.9% to 42.1%. In tandem, Keppel Corp will sell 75m units of Keppel Reit, paring its stake from 75.6% to 71.7%. K-Reit will declare an advanced distribution comprising the distribution for the period 1 Jan ’13 to the day immediately prior to the issue of new units (est 4 Mar ’13), amounting to btwn 1.32 cts to 1.38 cts.