Suntec REIT cuts conversion price of S$300 million 1.75% bonds due 2021

By Wendy Van Sickle

Columbus, Ohio, Oct. 23 – Suntec Real Estate Investment Trust lowered the conversion price of its S$300 million 1.75% convertible bonds due 2021, according to a news release by ARA Trust Management (Suntec) Ltd., as manager.

The conversion price will be trimmed to S$2.04 from the current conversion price of S$2.061, effective Nov. 28.

The adjustment is due to a distribution of S$0.02491 per unit of Suntec REIT for the period of July 1 to Sept. 30, the company said.

The conversion price adjustment was calculated using the price of S$1.82, 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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.