FHT
Anyone looking to start a position on the FHT IPO? Their gearing is a little bit towards the high side and their portfolio in many countries which will be exposed to different forex risks.
ISSUER: Fraser Hospitality Trust (“FHT”)
SPONSOR: Frasers Centrepoint Limited ("FCL"), to hold 22% of FHT
STRATEGIC PARTNER: TCC Group.TCC Hospitality (an associate of the TCC Group) to hold 43% (pre-greenshoe) or 40% (post-greenshoe)
REIT MANAGER : Frasers Hospitality Asset Management Pte Ltd (a wholly owned subsidiary of the Sponsor)
LISTING : Mainboard of SGX-ST
TOTAL IPO SIZE (before Over-Allotment Option): 415,048,000 Stapled Securities which comprise the following:
Cornerstone Size: 232,949,000 Stapled Securities / S$205.0m (56.1% of Total IPO Size) taken up by 6 cornerstone investors
INDICATIVE PRICE: S$0.88 per Stapled Security
FORECAST DISTRIBUTION YIELD: 7.0% for FY 2015
LEVERAGE (DEBT/ASSETS): · 41.7% at listing
· 40.0% 6 months after listing, due to VAT refund
GROSS PROCEEDS (INCLUDING CORNERSTONES, BASE OFFERING AND OA): S$396.5m
MARKET CAPITALISATION: S$1,043.5m