By Marisa Wong
Madison, Wis., Jan. 11 - CapitaMalls Asia Ltd. announced that its wholly owned subsidiary, CapitaMalls Asia Treasury Ltd., will issue an upsized S$220 million of callable step-up bonds due Jan. 12, 2022 at par to the public.
CapitaMalls Asia Treasury launched a public offer for up to S$100 million of the bonds on Jan. 4. As of Jan. 9, the closing date of the offer, applications were received for about S$465 million of the bonds.
The company initially planned to issue a total of up to S$200 million of the bonds through the public offer and a placement 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. On Jan. 5 the company increased the maximum size of the offer to S$400 million.
As previously reported, the placement closed on Jan. 5, two days after its launch on Jan. 3. The placement was more than two times oversubscribed. The company allotted S$180 million of the bonds to the placement tranche, and the remaining S$220 million of the bonds to the public offer.
The company has decided that applicants who submitted orders under the public offer will be allocated a proportion of the bonds as follows:
• Those who applied for S$2,000, S$3,000 and S$4,000 principal amount of the bonds will be allocated S$2,000, S$3,000 and S$4,000 of the bonds, respectively;
• S$5,000 of bonds will be allocated to those who applied for S$5,000 to S$9,000 of bonds;
• S$6,000 of bonds will be allocated to those who applied for S$10,000 to S$19,000 of bonds;
• S$10,000 of bonds will be allocated to those who applied for S$20,000 to S$29,000 of bonds;
• S$15,000 of bonds will be allocated to those who applied for S$30,000 to S$49,000 of bonds;
• S$24,000 of bonds will be allocated to those who applied for S$50,000 to S$99,000 of bonds;
• S$44,000 of bonds will be allocated to those who applied for S$100,000 to S$149,000 of bonds;
• S$66,000 of bonds will be allocated to those who applied for S$150,000 to S$199,000 of bonds;
• S$85,000 of bonds will be allocated to those who applied for S$200,000 to S$299,000 of bonds;
• S$125,000 of bonds will be allocated to those who applied for S$300,000 to S$499,000 of bonds;
• S$191,000 of bonds will be allocated to those who applied for S$500,000 to S$999,000 of bonds;
• S$365,000 of bonds will be allocated to those who applied for S$1 million to S$1,999,000 of bonds; and
• S$616,000 of bonds will be allocated to those who applied for S$2 million or more of bonds.
Applications for the public offer were made via the ATMs of DBS Bank, OCBC Bank and UOB Group and the internet banking websites of DBS Bank and UOB Group. There was 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. was the bookrunner and lead manager.
The bonds will be issued on Jan. 12 and begin trading on the Singapore Exchange Securities Trading Ltd. on Jan. 13.
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.
| Issuer: | CapitaMalls Asia Treasury Ltd.
|
| Issue: | Callable step-up bonds
|
| Amount: | S$400 million
|
| Maturity: | Jan. 12, 2022
|
| Coupon: | 3.8% for first five years; steps up to 4½% in year six; payable semiannually
|
| Price: | Par
|
| Yield: | 3.8% for first five years; steps up to 4½% in year six
|
| Call option: | In whole or in part beginning Jan. 12, 2017
|
| Bookrunner: | DBS Bank Ltd.
|
| Settlement date: | Jan. 12
|
|
|
| Placement
|
| Amount: | S$180 million
|
| Launch date: | Jan. 3
|
| Closing date: | Jan. 5
|
|
|
| Public Offer
|
| Amount: | S$220 million
|
| Launch date: | Jan. 4
|
| Closing date: | Jan. 9
|
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