* Trust set to debut in Singapore on May 29
* Soros, Och-Ziff among cornerstone investors in $1.1 bln
SINGAPORE May 2 Asian Pay Television Trust
(APTT), backed by funds linked to Australia's Macquarie Group
Ltd, plans to raise up to $1.1 billion in a Singapore
IPO, betting on investor demand for high-yield securities to
finance the purchase of Taiwan's third largest cable TV
The deal comes ahead of a slew of listings from business
trusts and real estate investment trusts (REITs) expected in
coming weeks in the Asia Pacific region.
The trust is offering 942.63 million units at a maximum
price of S$1.00 unit, while cornerstone investors such as
Eastspring Investments, Och-Ziff Capital Management Group LLC
, Neuberger Berman and George Soros' Quantum
Partners have agreed to buy 451.07 million units, according to a
preliminary prospectus filed on Thursday.
APTT is looking to raise S$1.38 billion ($1.12 billion),
forecasting a yield of up to 7.3 percent for the year ending
December 2013 and 8.25 percent for 2014, the prospectus said.
About 80 percent of the IPO funds will be used to buy the
stakes held in TBC Group, which offers cable television and
broadband Internet in Taiwan, from the Macquarie International
Infrastructure Fund Limited and MKOF Media Investment
Limited, another Macquarie fund.
The remainder of proceeds will be used to pay down debt, the
listing expenses and for cash awards to TBC Group's senior
management. The trust is slated to debut on May 29.
Companies and trusts have lined up to raise $10 billion from
IPOs alone in coming months in the region, not counting billions
more expected from follow-on deals, which would make 2013 a
banner year for the sector.
JPMorgan and Macquarie are the joint issue managers
for the offer. They stand to earn $31 million in commissions
from underwriting the IPO, the prospectus said.