Suntec REIT’s 1.75% convertibles putable due to change of control

By Marisa Wong

Morgantown, W.Va., April 12 – Suntec Real Estate Investment Trust announced a change-of-control put option for its S$300 million 1.75% convertible bonds due 2021.

The put option is exercisable until 10 a.m. ET on May 15.

During the change-of-control period ending 10 a.m. ET on May 15, the bonds are also convertible at the change-of-control conversion price of S$1.743.

Before the change-of-control event occurred, the conversion price was S$2.061.

A change of control occurred under Suntec’s 1.75% convertible bonds, when the scheme of arrangement relating to Athena Investment Co. (Cayman) Ltd.’s acquisition of all the issued and paid-up ordinary shares in the capital of ARA Asset Management Ltd. took effect. ARA Asset Management is the parent company of ARA Trust Management (Suntec) Ltd., the manager of Suntec.

Singapore-based Suntec owns retail and commercial real estate.

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