Keppel REIT buys 1.9% convertibles due to put option exercise

By Mary-Katherine Stinson

Lexington, Ky., March 14 – Keppel REIT Management Ltd., as manager of Keppel REIT, announced Keppel REIT is repurchasing S$146.5 million of its 1.9% convertible bonds due 2024 issued by RBC Investor Services Trust Singapore Ltd., according to a notice.

The repurchase represents 73.25% of the original S$200 million issue.

The bonds are being repurchased due to the exercise of put options by holders of the bonds under the terms and conditions of the bonds.

The bonds will be redeemed at par plus unpaid interest to the redemption date, April 10.

The repurchased bonds will be canceled.

After the buyback and cancellation, S$53.5 million, or 26.75%, will be outstanding.

The redemption will be funded through existing available loan facilities.

Keppel is a Singapore-based real estate investment trust.

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