A Cromwell Property Group unit launched an offering of €230 million of guaranteed convertible bonds due March 29, 2025.
The global real estate investment manager said the offering by Cromwell SPV Finance Pty. Ltd. may be upsized by an additional €20 million. The seven-year bonds will bear a coupon rate of 2.0% to 2.5%, payable semiannually, and will be listed on the Singapore Exchange Securities Trading Ltd.
Using proceeds from the offering, the issuer will concurrently buy back as much as €150 million of its existing convertible bonds due February 2020. The remaining proceeds will be used to repay other financial debt and for general corporate purposes.
Credit Suisse (Singapore) Ltd. and Goldman Sachs Australia Pty. Ltd. are the joint lead managers for the bond offering, which is expected to settle March 29.