Singapore's CapitaLand tenders for some 3.125% convertible bonds

By Jennifer Chiou

New York, May 20 - CapitaLand Ltd. announced the launch of its modified Dutch auction tender offer for a to-be-set amount of its original S$1.3 billion of 3.125% convertible bonds due 2018.

The offer will end at 5 a.m. ET on June 11.

Currently, the outstanding amount is S$1.05 billion, according to a company release.

Under the Dutch auction procedure, holders may tender their bonds at a minimum offer price of no less than 109% of par.

The company will determine the purchase price per S$250,000 principal amount.

CapitaLand said it plans to fund the offer using proceeds from its proposed issue of S$650 million of new convertibles.

Settlement is anticipated for June 19.

The tender offer is conditioned on financing.

Credit Suisse (Singapore) Ltd. is the dealer manager, and Lynchpin Bondholder Management is the tender agent (capitalandinfo@lynchpinbm.com).

The Singapore-based property developer issued the notes on March 5, 2008.

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