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Singapore's CapitaMalls lifts step-up bonds to S$400 million, wraps oversubscribed placement
By Marisa Wong
Madison, Wis., Jan. 5 - CapitaMalls Asia Ltd. announced that its wholly owned subsidiary, CapitaMalls Asia Treasury Ltd., has increased the size of its offer of callable step-up bonds due Jan. 12, 2022 to S$400 million from S$200 million due to strong demand from investors.
CapitaMalls Asia Treasury originally planned to offer up to S$100 million of the bonds to the public and place up to S$100 million of the bonds with institutional and other investors. The company had said that if the deal were to be oversubscribed it would issue up to an additional S$200 million of the bonds.
The placement closed on Jan. 5, three days after its launch on Jan. 3. The placement was more than two times oversubscribed. The company will allot S$180 million of the bonds to the placement tranche.
The public offer, which began on Jan. 4, is still scheduled to expire on Jan. 9. The company will issue up to S$220 million of the bonds under the public offer. Applications for the public offer 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.
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 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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