Singapore's Suntec cuts conversion price on its 3.25% notes to S$1.769

By Susanna Moon

Chicago, Dec. 21 - Suntec Real Estate Investment Trust lowered the conversion price of its S$270 million in 3.25% convertible bonds due 2013 to S$1.769 per note from S$1.797 per note.

On Oct. 26, Suntec declared payment of a distribution of S$0.02921 per unit. The distribution resulted in an excess distribution of S$0.018 per unit, according to the board of directors of ARA Trust Management (Suntec) Ltd., acting as manager of Suntec.

HSBC Institutional Trust Services (Singapore) Ltd. is trustee.

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

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