Charter Hall completes first stage of capital raise with $100m placement of new units

Charter Hall completes first stage of capital raise with $100m placement of new units

by Jason Roberts

May 05, 2020

Charter Hall Social Infrastructure REIT (CQE) has completed the first tranche of its $115 million capital raise via the placement of $100m of CQE new units with institutional investors at an issue price of $2.20 per unit. 

 

The raise, announced yesterday, has been conducted to strengthen CQE’s balance sheet and ensure it can withstand any unexpected cash flow and valuation impacts from an extended COVID-19 pandemic and also provide flexibility to continue executing on its strategy once the pandemic has ended.

 

Following the placement CQE is forecast to have pro forma balance sheet gearing of 16.7 per cent, down from 24.9 per cent as at 31 December 2019 and cash and undrawn facilities available of $291.5 million. 

 

The company is also conducting a retail offer by way of a UPP. This offer opens on 11 May 2020 at which point the offer booklet will be despatched to all eligible shareholders. 

 

To read more about the capital raise please click here

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