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Suntec REIT closes S$300M convertible bonds issuance

Suntec Real Estate Investment Trust's issuance of S$300.0 million in 1.750% convertible bonds due 2024 closed Nov. 30.

The bonds, which will be issued at 100% of their principal amount and in denominations of S$250,000 or integral multiples thereof, are expected to be listed on the Singapore stock exchange Dec. 1 at 9 a.m. local time.

ARA Trust Management (Suntec) Ltd., the manager of the REIT, said the bonds' upsize option of S$50.0 million, valid on or before Dec. 8, was excluded from the closing. If the upsize option is fully exercised, the REIT will issue up to 159,890,360 new units for an aggregate amount of S$350.0 million, based on the initial fixed conversion price of S$2.189 per Suntec REIT unit, the manager noted.

The Hong Kong and Shanghai Banking Corp.'s Singapore branch is the lead manager and underwriter of the offering.

As of Nov. 30, US$1 was equivalent to S$1.35.