Suntec to trim conversion prices of 1.75% convertibles due 2021, 2024

By Angela McDaniels

Tacoma, Wash., Jan. 22 – Suntec Real Estate Investment Trust will lower the conversion prices of its S$300 million 1.75% convertible bonds due 2021 and S$300 million 1.75% convertible bonds due 2024.

The conversion price for the 2021 convertibles will be adjusted to S$2.01 from S$2.04, and the conversion price for the 2024 convertibles will be adjusted to S$2.14 from S$2.189.

The adjustments will become effective Feb. 28, according to a news release from the REIT’s manager, ARA Trust Management (Suntec) Ltd.

The adjustments are due to a distribution of S$0.0259 per unit for the period of Oct. 1 to Dec. 31.

Singapore-based Suntec owns retail and commercial real estate.

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