CapitaLand greenshoe exercised, lifts 2.875% bonds to S$1.2 billion

By Devika Patel

Knoxville, Tenn., Aug. 14 - Underwriters for CapitaLand Ltd.'s 2.875% seven-year senior unsecured convertible bonds exercised their over-allotment option in full for S$100 million more of the convertibles, increasing the size of the issue to S$1.2 billion, the company said in press release.

As previously reported, the company sold the convertibles at par on July 30 in a Regulation S offering via bookrunner Credit Suisse (Singapore) Ltd.

The bonds have a conversion premium of 20% and an initial conversion price of S$4.79.

Proceeds will be used to refinance its existing debt - including the repurchase of its outstanding medium-term notes and/or convertible bonds - and the balance to finance new investments and/or for working capital.

The bonds are expected to be listed on the Singapore Exchange Securities Trading Ltd.

CapitaLand is a Singapore-based real estate development company.

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