Corporate Debt Restructuring Masterclass

18 July 2022 (Mon), 5pm Singapore/HK time

Temasek’s commercial units of Mapletree are set to merge in an SGD 4.2bn ($3.1bn) deal. Mapletree Commercial Trust (MCT) plans to buy Mapletree North Asia Commercial Trust (MNACT) either through cash-and-scrip or a scrip-only consideration.  The consideration for each MNACT unit comprises either 0.5963 new units in MCT or a combination of 0.5009 consideration units and S$0.1912/share in cash. Based on an issue price of S$2.0039 per MCT unit, the consideration is S$1.1949/share. The overall SGD 4.2bn consideration would comprise a combination of not more than SGD 417.3mn ($309mn) in cash and the balance in consideration units. MCT intends to fund the cash portion of the transaction via unsecured bank facilities and the issuance of perps. Investors will be asked to vote on the merger plan by mid-April. The merged entity will see just over 50% of its AUM located in Singapore, with the rest spread across Hong Kong, Japan and mainland China.

MCT’s SGD 3.11% 2026s were flat at 104.22, yielding 2.15% and MNACT’s SGD 3.5% Perp was also flat at 97.3, yielding 4.17%.

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