Viva Industrial Trust (SGX:T8B) announced on 28 December that it has utilised approximately SGD5.0 million from a preferential offering exercise to partially repay an outstanding revolving credit facility.

The sum is equivalent to 6.9% of the gross proceeds from the preferential offering exercise that was launched in November 2015.

“Such use is in accordance with the intended use as stated in the use of proceeds announcement”, said Viva Industrial Trust in a statement on the funds usage.

“The managers had, in the use of proceeds announcement, stated their intention that pending the deployment of the remaining proceeds from the preferential offering for purposes of partially funding the Pioneer [property]acquisition, the remaining proceeds will be utilised to further repay the outstanding borrowings under the revolving credit facility in stages”, the trust added.

Units of Viva Industrial Trust are currently listed on the Singapore Exchange at SGD0.705.