Singapore: First REIT plans rights issue to meet covenants

First REIT, Singapore’s first listed healthcare real estate investment trust, is to raise S$158.2m (US$119.7m) in a rights issue to meet its debt covenants and avoid a default. It intends to sell 791.1m shares at S$0.20 per share The REIT said that it faces a significant refinancing hurdle with S$395.7m debt coming due within the…

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