Moelis is back in the market for capital-hungry petrol station owner APN Convenience REIT.
The broker was seeking buyers for new shares at $3.20 each on Tuesday morning, as part of an institutional placement to raise $50 million.
The deal was priced at a 4.8 per cent discount to the last close according to terms sent to funds and a 7.6 per cent discount to the five-day VWAP.
Proceeds were to repay debt – including debt that was drawn down to make a handful of recent acquisitions.
Moelis was calling for bids into the placement by close of business on Tuesday. The deal was to be followed by a securityholder purchase plan to raise up to another $5 million.
The deal comes eight months after Moelis last raised equity for the REIT.
Extracted from AFR