Keppel Land drops cash settlement option for 2.5% convertibles

By Angela McDaniels

Seattle, Jan. 24 - Keppel Land Ltd. removed the cash settlement option from the terms and conditions of its S$300 million 2.5% convertible bonds due 2013, according to a company news release.

Note trustee Citicorp Trustee Co. Ltd. entered into a supplemental trustee deed dropping the cash settlement option on Tuesday following a request by Keppel. The amendment is retroactive to June 23, 2006.

Keppel Land is the property development arm of the Singapore-based Keppel Group conglomerate.

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