Suntec REIT to price S$300 million seven-year convertibles Wednesday

By Marisa Wong

Morgantown, W.Va., Nov. 8 – Suntec REIT said it intends to sell S$300 million of seven-year convertible bonds.

The bonds, which will be issued through trustee HSBC Institutional Trust Services (Singapore) Ltd., will be convertible into cash or new ordinary units of Suntec.

The offering will include a S$50 million greenshoe.

Suntec has appointed Hongkong and Shanghai Banking Corp. Ltd., Singapore Branch as the lead manager and underwriter for the issue.

Pricing is expected to take place on Wednesday, and the deal is expected to close on Nov. 30.

Proceeds will be used mainly to partially refinance existing debt. Remaining proceeds, if any, will be used for general corporate or working capital purposes.

Singapore-based Suntec owns retail and commercial real estate.

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