Great Eagle IPO takes flight with 6.5% yield
Great Eagle Holdings is out with a price range for its hospitality-focused trust, which could offer as much as a 6.5% yield thanks to the sponsor’s decision to waive its distribution rights.
Bookrunners Citi, Deutsche Bank and HSBC are pitching a level of HK$3.9bn-HK$4.6bn ($510m-$588m) for the 852.2m stapled units on offer for Langham Hospitality Investments. The 15% greenshoe could net the company an extra HK$594m-HK$685m for the additional 127.8m units.Based on 2013 estimated earnings, at this pricing the ...
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