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Prospect News home > News index > List of issuers C > Headlines for CapitaLand Ltd. > News item
Published on 6/16/2015 in the Prospect News Convertibles Daily and Prospect News Liability Management Daily.

CapitaLand will not extend tender offer for 2.95% convertibles

By Toni Weeks

San Luis Obispo, Calif., June 16 – CapitaLand Ltd. said it will not extend the expiration date for the tender offer for its S$1 billion of 2.95% convertible bonds due 2022. The offer expired at 5 a.m. ET on June 16.

The company will announce the final results by June 18, according to a company notice.

CapitaLand began tender offers for its S$1.2 billion 2.875% convertible bonds due 2016, S$1.3 billion 3.125% convertible bonds due 2018 and the 2.95% convertible bonds due 2022 on May 18. All three offers were initially to end on June 16, but the company ended the offer for the 3.125% convertibles on May 25 and the offer for the 2.875% convertibles on May 22.

Pricing was set using a modified Dutch auction procedure for each S$250,000 principal amount, according to previous company notices.

The minimum bid price is par for the 2.95% bonds.

Because less than 10% of the original principal amount of the 3.125% convertibles and 2.875% convertibles remained outstanding after tender offers for those two series ended, CapitaLand will redeem the remaining notes in full.

The company is funding the repurchases with proceeds from the S$650 million principal amount of convertible bonds that priced on May 14. The deal can be upsized by another S$150 million principal amount of convertibles. Other funds will come from available cash.

J.P. Morgan (S.E.A.) Ltd. is the dealer manager. Lynchpin Bondholder Management (capitalandinfo@lynchpinbm.com) is the tender agent.

The tender offers are being made to reduce the company’s debt, the company noted.

CapitaLand is a Singapore-based real estate development company.


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