CapitaCommercial issues cleanup call for remaining 2% convertibles

By Marisa Wong

Madison, Wis., Sept. 14 - CapitaCommercial Trust said it will redeem its remaining S$20.75 million of 2% convertible bonds on Oct. 15 at a price of 109.37.

The outstanding principal amount, which represents less than 10% of the original S$370 million principal amount of the convertible bonds due 2013, was announced following settlement of the bonds tendered in the offer that ended on Sept. 6.

As announced on Tuesday, CapitaCommercial received tenders for a total of S$126 million of the convertible bonds. The bonds were repurchased on Friday at 111.3% of par for a total consideration of S$140,238,000.

Holders also received 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 paid S$141,142,452.

The company had already received enough tenders, at least S$50 million, by Aug. 22 for its 2% convertibles to issue a cleanup call and redeem the outstanding bonds. There was about S$146.75 million of the convertibles outstanding when the offer began on Aug. 13.

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

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