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By P.R. Venkat
SINGAPORE–Asian Pay Television Trust has secured commitments from about eight cornerstone investors who will take up nearly a third of its planned 1.4 billion Singapore dollar (US$1.13 billion) initial public offering in Singapore, people with knowledge of the deal said Wednesday.
The cornerstone investors–who commit to holding a significant stake for a certain length of time, demonstrating their confidence in a deal–include insurance firms, long-only funds and some hedge funds, the people said, without naming the investors.
Asian Pay Television Trust is an investment vehicle for Taiwan Broadband Communications, one of Taiwan’s biggest pay-TV operators.
The planned offering would be Singapore’s second-biggest flotation so far this year after Mapletree Investments Pte. Ltd.–a unit of Singaporean state-investment firm Temasek Holdings Pte. Ltd.–raised US$1.3 billion in an IPO for a China-focused real-estate investment trust in March.
Taiwan Broadband Communications is owned by two funds managed by Australia’s Macquarie Group Ltd. ( Macquarie Group Limited)–the Macquarie International Infrastructure Fund (M41.SG), known as MIIF, and Macquarie Korea Opportunities Fund–which plan to sell their stakes to Asian Pay Television Trust.
The company is seeking to pay a yield ranging between 8.25% and 9.0% for 2014, one of the people said.
A Macquarie spokeswoman declined to comment.
Write to P.R. Venkat at venkat.pr@wsj.com
Asian Pay Television Trust Gets About 8 Cornerstone Investors for S$1.4 ... - 4
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