Singapore's CapitaMalls to sell up to S$200 million of step-up bonds

By Marisa Wong

Madison, Wis., Jan. 3 - CapitaMalls Asia Ltd. announced that its wholly owned subsidiary, CapitaMalls Asia Treasury Ltd., is offering up to S$200 million of callable step-up bonds due Jan. 12, 2022.

CapitaMalls Asia Treasury will offer up to S$100 million of bonds to the public and will place up to S$100 million of bonds with institutional and other investors. The company said that if the deal is oversubscribed it may issue up to an additional S$200 million of bonds.

The bonds have a coupon of 3.8% for the first five years that will step up to 4½% in year six. Interest will be payable semiannually.

The bonds are callable in whole or in part beginning Jan. 12, 2017.

DBS Bank Ltd. is the bookrunner and lead manager.

The public offer begins on Jan. 4 and closes on Jan. 9. Applications can be made via the ATMs of DBS Bank, OCBC Bank and UOB Group and the internet banking websites of DBS Bank and UOB Group. There is a minimum application of S$2,000.

Under the placement, investors must subscribe for a minimum of S$50,000 of the bonds.

The bonds are expected to be issued on Jan. 12.

Proceeds will be used to finance investments and general corporate purposes.

CapitaMalls Asia is a Singapore-based owner, developer and manager of shopping malls in Asia.

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