Mirvac has successful completed a $375 million placement to institutional investors.
The placement was conducted by way of a bookbuild, with strong demand from existing and new securityholders, including significant interest from offshore investors resulting in the final price of $4.80.
78,125,000 fully paid ordinary stapled securities will be issued at $4.80 per security, a 2.1% discount to the 10-day volume weighted average price of $4.91.
The new securities will rank pari passu with existing securities and will participate in the December 2006 quarter distribution.
The placement is neutral to both earnings and distributions, with Mirvac confirming its earnings guidance of 31.9 cents per stapled security for FY07.
By Adam Parsons
