Singapore's Suntec REIT to price S$250 million five-year convertibles

By Rebecca Melvin

New York, Feb. 28 - Suntec Real Estate Investment Trust plans to price S$250 million of five-year convertible bonds, with a closing date seen on or about March 21, according to a news release by Suntec REIT manager ARA Trust Management (Suntec) Ltd.

Citigroup Global Markets Singapore Pte. Ltd. and Deutsche Bank AG, Singapore branch are joint financial advisers, underwriters and bookrunners of the issue.

There is an over-allotment option for up to an additional S$50 million.

Proceeds are intended to refinance existing borrowings and for working capital.

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

Singapore-based Suntec REIT owns retail and commercial real estate in the central business district of Singapore.

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