LiveNews, 28 Nov 2008, Nicholas Clydsdale
GPT Group (GPT) announced the completion of its major recapitalisation, raising $1.6 billion through the issue of new securities to retail and institutional investors. The property trust said the raising received strong support from investors, reflected in the 58% take-up by eligible retail Investors and oversubscription of the institutional offer.
After the allotment of new securities and the placement of $250 million to an affiliate of GIC RE, GPT's said its look through gearing would fall from 46.7% to 41.5%. As disclosed in the prospectus, an affiliate of GIC RE subscribed for these shortfall securities, and also received an additional 31.9 million top-up new securities, increasing its total subscription amount to 250 million new securities.
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