By Laura Lutz
Des Moines, Oct. 25 - Abacus Property Group announced a A$60 million private placement.
The company arranged to sell 36.6 million stapled securities at A$1.64 each.
Tricorn Equities was the underwriter for the deal.
Proceeds will be used to lower the company's gearing to 34% from 40% and for acquisitions.
Settlement is subject to shareholder approval at a general meeting in late November.
Based in Sydney, Australia, Abacus manages property-based assets.
| Issuer: | Abacus Property Group
|
| Issue: | Stapled securities
|
| Amount: | A$60 million
|
| Securities: | 36.6 million
|
| Price: | A$1.64
|
| Warrants: | No
|
| Underwriter: | Tricorn Equities
|
| Pricing date: | Oct. 25
|
| Stock symbol: | Australia: ABP
|
| Stock price: | A$1.69
|
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