By Kenneth Lim
Singapore, May 25 - Singapore's CapitaLand Ltd. priced S$1 billion of 15-year convertible unsubordinated unsecured bonds to yield 2.95% with an initial conversion premium of 72% over the volume weighted average common stock price on Thursday.
The convertibles were offered at par.
There is no over-allotment option.
JP Morgan was the bookrunner of the Regulation S offering.
The convertibles are non-callable for the first seven years, after which they may be called subject to a hurdle at 130% of the conversion price. The bonds may be put in years 10 and 12.
CapitaLand, a real estate company, said it will use the proceeds to refinance existing debt and fund new investments and working capital.
| Issuer: | CapitaLand Ltd.
|
| Issue: | Convertible unsubordinated unsecured bonds
|
| Bookrunner: | JP Morgan
|
| Amount: | S$1 billion
|
| Greenshoe: | None
|
| Maturity: | June 20, 2022
|
| Coupon: | 2.95%
|
| Price: | Par
|
| Yield: | 2.95%
|
| Conversion premium: | 72%
|
| Conversion price: | S$13.8871
|
| Call protection: | Non-callable before June 20, 2014, thereafter callable subject to hurdle at 130% of conversion price
|
| Puts: | June 20, 2017; June 20, 2019
|
| Pricing date: | May 25
|
| Settlement date: | June 20
|
| Distribution: | Regulation S
|
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