Suntec REIT cuts conversion price of S$280 million 1.4% bonds due 2018

By Susanna Moon

Chicago, Jan. 26 – Suntec Real Estate Investment Trust lowered the conversion price of its S$280 million 1.4% convertible bonds due 2018, according to a news release by ARA Trust Management (Suntec) Ltd., as manager.

The conversion price will be trimmed to S$2.042 from the current conversion price of S$2.111.

The adjustment is due to a distribution of S$0.02750 per unit of Suntec REIT for the period of Oct. 1 to Dec. 31, the company said.

The conversion price adjustment was calculated using the price of S$1.538, which was the market price of one unit on the last trading day before the excess distribution was announced, the news release noted.

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

Singapore-based Suntec owns retail and commercial real estate.

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