This article is from the Australian Property Journal archive
THE Astro Japan Property Group has launched an institutional placement of new stapled securities to raise $23.6 million.
Proceeds of the equity raising, plus a portion of existing AJA cash reserves, will be used to reduce the current loan principal of the ¥20.1 billion senior loan to JPT Corporate Co by ¥2.5 billion and to pay the costs associated with the raising and loan revision.
JPTC is the Japanese special purpose company which holds three assets, representing approximately 24% of AJA’s property interests by book value.
AJA will issue approximately 7.6 million stapled securities (representing 15% of stapled securities on issue) at an issue price of $3.09 per stapled security. The issue price represents a 4.3% discount to the closing price of the AJA stapled securities on 10 March 2011.
Australian Property Journal
