Suntec REIT to price S$250 million five-year convertibles Thursday

By Marisa Wong

Morgantown, W.Va., Aug. 11 – Suntec REIT said it intends to sell S$250 million of five-year convertible bonds.

The bonds, which will be issued through trustee HSBC Institutional Trust Services (Singapore) Ltd., will be convertible into cash or new ordinary units of Suntec.

The offering will include a S$50 million greenshoe for total proceeds of up to S$300 million.

Suntec has appointed Citigroup Global Markets Singapore Pte. Ltd. and Hongkong and Shanghai Banking Corp. Ltd., Singapore Branch as the joint lead managers and underwriters.

Pricing is expected to take place on Thursday, and the deal is expected to close on Sept. 5.

Proceeds will be used to fund the acquisition of a commercial property known as Southgate Complex in Melbourne, Australia, and to partially refinance existing debt. Remaining proceeds, if any, will be used for general corporate or working capital purposes.

Singapore-based Suntec owns retail and commercial real estate.

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