Suntec REIT lowers conversion price of 3.25% convertibles due 2013

By Marisa Wong

Madison, Wis., Jan. 21 - Suntec Real Estate Investment Trust will lower the conversion price of its S$270 million 3.25% convertible bonds due 2013, according to an announcement by its manager, ARA Trust Management (Suntec) Ltd.

The conversion price will be lowered to S$1.722 from S$1.723, effective Feb. 28.

The price adjustment is due to a distribution payment of S$0.00593 per unit of Suntec for the period of Dec. 9 to Dec. 31 and the resulting excess distribution of S$0.001 per unit.

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

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