FinanceAsia.com
3 Apr 2008
CapitaCommercial Trust (CCT) has raised S$280 million ($203 million) from a convertible bond which will go towards the refinancing of short-term debt and the possible acquisition of a commercial property on 1 George Street in Singapore, which was announced last week.
The Singapore-listed real estate investment trust (Reit) could end up raising a further S$90 if the overallotment option is exercised in full.
The offering, which was completed on Tuesday night Hong Kong time and is the first CB by an Asia-listed issuer since Khazanah’s $550 million exchangeable sukuk in early March, was fully underwritten by Standard Chartered so CCT will get its money. However, it was less clear how much of the bonds were sold into the market and sources estimated that Standard Chartered was still holding a significant portion of the deal yesterday.
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