Suntec Real Estate Investment Trust fully utilized the net proceeds from its issuance of S$300.0 million worth of 1.750% convertible bonds due 2024, which closed Nov. 30.
The company used the full net proceeds of roughly S$296.2 million to partially refinance its existing debt. The utilization of the proceeds was in accordance with the stipulated use and percentage of the net proceeds, according to a filing.
The Hong Kong and Shanghai Banking Corp.'s Singapore branch acted as the lead manager and underwriter of the offering.
As of Dec. 20, US$1 was equivalent to S$1.34.