Singapore's CapitaLand launches $650m convertible bond-terms

Singapore's CapitaLand launches $650m convertible bond-terms

HONG KONG - CapitaLand Ltd, the biggest property developer in Southeast Asia, plans to raise up to S$650 million in convertible bonds due 2020, according to a term sheet of the deal seen by Reuters on Monday.

The bonds were launched with a coupon of 1.375 per cent to 1.875 per cent and an initial conversion price of S$4.901 to S$5.0895, according to the term sheet. The offering would total up to S$650 million, with an option to grow by an additional S$150 million.

Bank of America Merrill Lynch and Credit Suisse were hired as joint bookrunners for the offering, the terms showed.

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