SINGAPORE - CapitaLand Ltd, Southeast Asia's largest property developer, plans to issue up to US$800 million (S$1.06 billion) in convertible bonds primarily to refinance its existing debt. "The terms of the convertible bonds will be confirmed upon the pricing of the issue, following the completion of a bookbuilding exercise by JPMorgan," the company said in a statement to the Singapore exchange on Thursday.
The bonds are expected to be priced later in the day. JPMorgan is the sole bookrunner, lead manager and underwriter for the issue.
Last month, CapitaLand said profit from continuing operations rose 9.4 percent in the first quarter, thanks to a bigger contribution from an increased stake in its shopping mall business as well as portfolio gains.
