THE indicative offer price for an upcoming ARA US Hospitality Trust initial public offering is set at US$0.88 per unit, according to a term sheet seen byThe base offering, which excludes cornerstone investors, stands at US$334.2 million. The indicative forecast distribution yield is said to be 7.8 per cent for the eight-month forecast period of May to December 2019, and 8 per cent for fiscal 2020, the sheet added.
The cornerstone tranche meanwhile is sized at US$116.5 million or 25.8 per cent of the total offering.Cornerstone investors include Bank of Singapore, on behalf of one or more private banking clients; DBS Bank, on behalf of certain wealth management clients; UOB, on behalf of certain private banking clients; and Credit Suisse AG. This is along with SingHaiyi's controlling shareholders Gordon Tang and Celine and investment firm ICH Capital.
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