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Eagle Hospitality Trust
16-05-2019, 08:17 PM.
Post: #1
Eagle Hospitality Trust
Eagle Hospitality Trust registers prospectus with MAS; to raise $620 mil from IPO

By: PC Lee
16/05/19, 08:04 pm

SINGAPORE (May 16): The trustee-managers of Eagle Hospitality Trust (EHT) have registered its prospectus with the Monetary Authority of Singapore in connection with the offering of 580.6 million stapled securities at the issue price of US$0.78 per stapled security to raise US$453 million ($620 million) in gross proceeds.

The offering of 580.6 million stapled securities comprises an international placement of 535.7 million stapled securities to investors, including institutional and other investors in Singapore; and an offering of 44.9 million stapled securities to the Singapore public.

Investors subscribing for stapled securities under the public offer will pay the offering price in Singapore dollars of $1.071.

EHT is a US hospitality specialist with an invested sponsor and a portfolio of full service hotels in the US markets. Its initial portfolio comprises 18 primarily freehold hotel properties located in the US, with a total of 5,420 rooms and an aggregate valuation of US$1.27 billion.

All but one of EHT’s hotels are branded by and operated under franchise agreements with the three largest global hotel franchisors – Marriott, Hilton and IHG.

Cornerstone investors including DBS Banks and Gold Pot Developments have entered into subscription agreements to subscribe for an aggregate of 144.9 million stapled securities, representing 16.7% of the total number of stapled securities in issue immediately after the listing.

EHT will distribute 100% of its annual distributable income for the period from the date of listing to the end of 2020, and thereafter, at least 90% of its annual distributable income.

Distributions will be made on a semi-annual basis, for each six-month period ending 30 June and 31 December.

Based on the offering price, this represents an annualised distribution yield of 8.2% for s019 and 8.4% for projection year 2020.

More details in https://www.theedgesingapore.com/eagle-h...20-mil-ipo
=========== Signature ===========
Specuvestor: Asset - Business - Structure.

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16-05-2019, 09:24 PM.
Post: #2
RE: Eagle Hospitality Trust
As a comparison with the recently IPO'ed ARA US HT, the ARA US HT was offered at an exchange rate of 1USD to 1.3668SGD whereas the Eagle HT is offered at a less favourable rate of 1USD to 1.3731SGD.

SGD based investors need to compute the yield they are getting accordingly.

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