Charter Hall Long WALE REIT successful completion of placement and institutional entitlement offer

Not for release to US wire services or distribution in the United States Charter Hall WALE Limited as responsible entity of the Charter Hall Long WALE REIT (ASX:CLW) (the REIT) is pleased to announce the successful completion of the following components of the fully underwritten equity raising of approximately $242 million (Equity Raising) announced on 4 November 2019:

• the institutional placement (Placement) which raised $120 million; and
• the institutional component of the 1-for-17 accelerated non-renounceable entitlement offer (Institutional Entitlement Offer) which raised approximately $87 million.

The retail component of the offer (Retail Entitlement Offer) will open on 8 November 2019 and is expected to raise $35 million.

Placement

The Placement received strong demand from new and existing institutional investors. 21.8 million new securities will be issued under the Placement at an issue price of $5.50 per security (Issue Price). Securities issued under the Placement will settle on 15 November 2019, with allotment and normal trading on 18 November 2019. Securities issued under the Placement will rank equally with existing CLW securities and will be entitled to the distribution for the three months to 31 December 2019.

CLW confirms that, pursuant to Listing Rule 7.1, the Placement is within its existing placement capacity and does not require securityholder approval.

Institutional Entitlement Offer

The Institutional Entitlement Offer was well supported by existing institutional securityholders with approximately 99.7% take-up by eligible institutional securityholders. The shortfall under the Institutional Entitlement Offer also attracted strong demand from both existing and new securityholders. Approximately 15.8 million securities will be issued under the Institutional Entitlement Offer at the Issue Price.

Settlement, allotment and normal trading of securities issued under the Institutional Entitlement Offer will occur on the same timetable as the Placement. Securities issued under the Institutional Entitlement Offer will also rank equally with existing CLW securities and will be entitled to the distribution for the three months to 31 December 2019.

Retail Entitlement Offer

The Retail Entitlement Offer will open on 8 November 2019 and close at 5:00pm (AEDT) on 19 November 2019. Eligible retail securityholders who hold securities in the REIT as at 7:00pm (AEDT) on the record date of 6 November 2019 and have a registered address in Australia or New Zealand (Eligible Retail Securityholders) will be invited to participate in the Retail Entitlement Offer at the Issue Price.

Further details on the Retail Entitlement Offer will be provided in the retail offer booklet which will be mailed to Eligible Retail Securityholders.

Recommencement of trading

CLW securities are expected to resume trading on the ASX from market open today (5 November 2019).

View ASX Announcement