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Suntec REIT holders put S$275 million of 1.4% convertibles due 2018
By Marisa Wong
Morgantown, W.Va., March 7 – Suntec Real Estate Investment Trust announced that holders of S$275 million, or 98.2%, of its outstanding S$280 million 1.4% convertible bonds due 2018 have exercised their put option.
The put bonds will be redeemed on March 18 at par plus accrued interest to the redemption date.
The company said it will fund the redemption with cash from internal resources.
Following the redemption, the principal amount outstanding will be S$5 million. Because that amount represents only 1.8% of the original principal amount, the company will be able to exercise a clean-up call.
The bonds were issued through Suntec’s trustee, HSBC Institutional Trust Services (Singapore) Ltd.
Singapore-based Suntec owns retail and commercial real estate.
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