ID :
167376
Fri, 03/11/2011 - 09:43
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Shortlink :
https://oananews.org//node/167376
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Capitamall trust raises US$196 mln 3-year unsecured convertible bonds due 2014
SINGAPORE, March 11 (Bernama) -- CapitaMall Trust Management Ltd (CMTML), the manager of CapitaMall Trust (CMT), announced that the S$250 million (US$196.43 million) convertible bonds due April 2014 have been fully placed to institutional and accredited investors.
CMTML is a wholly-owned subsidiary of CapitaMalls Asia Ltd, one of Asia’s largest listed shopping mall developers, owners and managers.
Due to strong demand, the base offering size was increased from S$200 million announced at launch to S$250 million, it said in a statement Friday.
The lead manager for the bond issue may exercise an option within 30 days from today to further increase the issue size by up to S$100 million to S$350 million.
Credit Suisse (Singapore) Ltd is the sole bookrunner and sole lead manager for the issue.
The bonds are unsecured and convertible into new CMT units at a conversion price of S$2.2692 per unit. The bonds bear an interest of 2.125 per cent per annum, payable half-yearly.
CMTML Chief Executive Officer Simon Ho said: “This issue is part of CMT’s pro-active capital management's efforts to optimise our debt structure and diversify sources of funding.
"The proceeds will be used to fund our on-going asset enhancements and to refinance existing borrowings.”
CMT is also the largest Real Estate Investment Trust (REIT) by asset size, about S$8.1 billion and by market capitalisation, approximately S$6.2 billion (as at Dec 31, 2010) in Singapore.
As at Dec 31, CMT's portfolio comprised a diverse list of more than 2,400
leases with local and international retailers and achieved a committed occupancy of close to 100 per cent.
CMTML is a wholly-owned subsidiary of CapitaMalls Asia Ltd, one of Asia’s largest listed shopping mall developers, owners and managers.
Due to strong demand, the base offering size was increased from S$200 million announced at launch to S$250 million, it said in a statement Friday.
The lead manager for the bond issue may exercise an option within 30 days from today to further increase the issue size by up to S$100 million to S$350 million.
Credit Suisse (Singapore) Ltd is the sole bookrunner and sole lead manager for the issue.
The bonds are unsecured and convertible into new CMT units at a conversion price of S$2.2692 per unit. The bonds bear an interest of 2.125 per cent per annum, payable half-yearly.
CMTML Chief Executive Officer Simon Ho said: “This issue is part of CMT’s pro-active capital management's efforts to optimise our debt structure and diversify sources of funding.
"The proceeds will be used to fund our on-going asset enhancements and to refinance existing borrowings.”
CMT is also the largest Real Estate Investment Trust (REIT) by asset size, about S$8.1 billion and by market capitalisation, approximately S$6.2 billion (as at Dec 31, 2010) in Singapore.
As at Dec 31, CMT's portfolio comprised a diverse list of more than 2,400
leases with local and international retailers and achieved a committed occupancy of close to 100 per cent.
