Singapore-listed Keppel Infrastructure Trust (KIT) is raising at least S$200m (€137m) in a private placement to partially repay a loan facility for the purchase of Australian bus company Ventura Motors.
In February, KIT acquired Ventura for an enterprise value of A$600m (€364m). At the time, Keppel Infrastructure Fund Management, KIT’s trustee-manager, said it intended to fund the investment with a combination of internal sources of funds, equity and/or debt capital market issuances and/or external borrowings.
In the latest update, KIT said the S$193.2m of the proceeds from the private placement will be used to partially repay S$391.8m drawn down from a term loan facility of S$400m in the Ventura transaction.
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