By Marisa Wong
Milwaukee, April 8 - Mirvac Group announced plans to issue ordinary stapled securities in an A$350 million institutional placement.
Mirvac will issue about 250 million stapled securities at A$1.40 each. Each stapled security will consist of one ordinary share in Mirvac Ltd. and one unit in Mirvac Property Trust.
The securities are expected to be allotted to institutional investors on April 14.
Funds from the stapled securities issuance will be used to strengthen Mirvac's balance sheet and to advance its commercial and residential development pipelines.
Sydney-based Mirvac is involved in property investment, management and development.
| Issuer: | Mirvac Group
|
| Issue: | Ordinary stapled securities of Mirvac Ltd. ordinary shares and Mirvac Property Trust units
|
| Amount: | A$350 million
|
| Securities: | 250 million (approximate)
|
| Price: | A$1.40
|
| Announcement date: | April 7
|
| Stock symbol: | Australia: MGR
|
| Stock price: | A$1.425 at close April 8
|
| Market capitalization: | A$4.27 billion
|
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