CapitaCommercial Trust intends to settle S$126 million tendered 2% convertible bonds Sept. 14

By Marisa Wong

Madison, Wis., Sept. 11 - CapitaCommercial Trust said it received tenders for a total of S$126 million of its 2% convertible bonds as of 5 a.m. ET on Sept. 6, the expiration of the tender offer for the convertible bonds due 2013.

All S$126 million of tendered bonds will be repurchased on Sept. 14 at 111.3% of par for a total consideration of S$140,238,000.

Holders will also receive accrued interest up to but excluding the settlement date. The aggregate amount of accrued interest is S$904,452; together with the total consideration, the company will pay S$141,142,452.

CapitaCommercial previously announced that it received enough tenders by Aug. 22 for its S$370 million of 2% convertibles to issue a cleanup call and redeem the outstanding bonds.

Following settlement of the tender offer, the company will redeem the remaining bonds at 109.37% of par.

There was about S$146.75 million of the convertibles outstanding when the offer began on Aug. 13.

The tender offer was conditioned on the receipt of tenders for at least S$50 million principal amount of the convertibles and the issuance of S$175 million of new convertibles by the settlement date. Both conditions have been satisfied.

CapitaCommercial announced on Aug. 13 that it priced S$175 million of five-year convertible bonds with proceeds to be used for general corporate purposes, including funding the tender offer for the trust's 2% convertible bonds due 2013.

CapitaCommercial is a Singapore-based real estate investment trust focusing on Singapore commercial buildings.

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