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First REIT Makes Cash Offer For $60 Million In Perpetual Securities (Straits Times)

August 24, 2022 – First Real Estate Investment Trust (First Reit) launched a tender offer to buy back $60 million in Series 002 subordinated perpetual securities in cash, at 70 per cent of the principal amount.

On top of the purchase price, First Reit will also pay the accrued – but unpaid – distribution on all securities accepted for sale.

Standard Chartered Bank has been appointed the dealer manager of the invitation.

In its bourse filing, the management of First Reit said the rationale for its offer is to “provide liquidity to the security holders given the illiquid nature of the outstanding securities”, and to optimise the trust’s debt capital structure as part of its continuing capital and liability management initiatives.

Read full story here..

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