FKP makes entitlement offer
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FKP Property Group (FKP) has announced a $232 million entitlement offer of new securities to its existing securityholders in order to pay down debt.
In a statement to the Australian Securities Exchange, FKP said the offer price of $1.30 per new stapled security is a 36% discount to the October 25 closing price.
The proceeds will be used to de-lever and substantially extinguish all short-term debt maturities, improving the group's capital position, FKP said.
FKP expects its gearing to fall from 31.5% to 19.3% on a pro-forma basis after the offer's completion.
The group said the raising will help it accelerate its strategy of being a pure retirement developer, manager and owner.
FKP's largest stapled securityholder, Mulpha International, said it will take up its full entitlement under the offer.
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