Vicinity Centres Trust: Institutional Placement to Strengthen Balance Sheet

  • Jun 01, 2020 AEST
  • Team Kalkine

Vicinity Centres (ASX:VCX) is undertaking Equity Raising to strengthen its balance sheet, which comprises of:

  • Placement: Fully underwritten institutional placement to raise $1,200 million
  • Security Purchase Plan (SPP): Non-underwritten SPP to raise a maximum of $200 million

Securities shall be issued at an issue price of $1.48 per security, which signifies an 8.1% discount to $1.61, the last close price on 29 May 2020.

VCX anticipated to have following impact on its financials:

  • Cash and undrawn debt facilities of $2.6 billion
  • Net tangible assets per security falling from $2.40 to $2.23
  • Gearing reduced from 34.9% to 26.6%

VCX shall not pay any distribution for the six months period ending 30 June 2020.


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