Friday, March 9, 2012

MapletreeLog sells $350m of perpetuals

Business Times: Fri, Mar 09
MAPLETREE Logistics Trust yesterday sold $350 million of perpetual securities to pay for acquisitions in South Korea and Japan, the first real estate investment trust to jump onto the perp bandwagon. The money raised will help pay for acquisitions worth $400 million, MLT said.

There was some indication that investor demand was somewhat lukewarm for MLT's perps following a rash of sales of these securities.

The coupon for the MLT perps was 5.375 per cent following orders which reached over $1 billion...

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