Kep Infra Tr fka CIT

Kep Infra Tr fka CIT: There has been some confusion regarding the recent merger between Keppel Infrastructure Trust (KIT) and CitySpring Infrastructure Trust (CIT). The enlarged entity has subsequently been renamed into Kep Infra Tr fka CIT (KITfkaCIT).

Currently, KITfkaCIT is in the midst of a 51%-stake acquisition of Keppel Merlimau Cogen (KMC) for $510m. Post-acquisition, the enlarged trust will be renamed to Keppel Infrastructure Trust (KI).

Briefly, KI will have a pro forma estimated total asset base of over $4b, aggregate leverage of 39% and annualised FY14 DPU of $0.0373.

For more details, listed below are the key developments in chronological order (as of 22 May):
Past events:
- CIT made a special distribution of $30m ($0.0198/unit) to its unitholders.
- KIT swapped its assets in exchange for new CIT units, where KIT's unitholders were issued 2.106 new CIT units for each KIT unit.
- Enlarged CIT renamed to KITfkaCIT.

Ongoing/ Future:
- KITfkaCIT will make a special distribution of $30m ($0.0105/unit) and a stub distribution of 0.11¢ to unitholders
- KITfkaCIT to raise equity via a non-renounceable 13-for-1 preferential offering of units at $0.515 each.
**Counter will go XD and XO on 26 May for the two corporate actions above.

- Eligible unitholders for the preferential offering will need to make payment before 11 Jun.
- New units from the offering can be traded on 22 Jun.
- KITfkaCIT to be renamed to KI