Strong investor appetite moves CapitaMall Trust to raise a further $100mn in $350mn bond issue

The lead manager has upsized the option in full due to favourable demand for the convertible bonds.

The Manager refers to its announcements dated 10 March 2011 and 11 March 2011 on the proposed issue of the Convertible Bonds and the grant of the Upsize Option to Credit Suisse (Singapore) Limited, the Lead Manager for the Issue.

This will bring the total proceeds raised from the issue of all the Convertible Bonds to S$350mn. The additional S$100mn in aggregate principal amount of Convertible Bonds issued pursuant to the Upsize Option will have the same terms and conditions as, and shall be consolidated and form a single series with, the S$250mn in aggregate principal amount of Convertible Bonds.

The number of Conversion Units to be allotted and issued pursuant to the full conversion of the Convertible Bonds, including the additional S$100mn in aggregate principal amount of Convertible Bonds pursuant to the Upsize Option, is 154,239,379. The 154,239,379 Conversion Units represent approximately 4.8% of the existing Units in issue as of 14 April 2010. The Convertible Bonds, including the additional S$100mn in aggregate principal amount of Convertible Bonds pursuant to the Upsize Option, will be issued pursuant to a general mandate given to the Manager at the annual general meeting of CMT on 14 April 2010.

A total of 4,040,110 Units have been issued during the period between 14 April 2010 and the date of this announcement. The maximum number of Conversion Units to be issued upon conversion of all of the Convertible Bonds and aggregated with any other Units issued or expected to be issued for the period from 14 April 2010 until the conclusion of the next annual general meeting of CMT or the date by which the next annual general meeting of CMT is required by applicable regulations to be held whichever is earlier shall not exceed 636,179,155 Units. The net proceeds of the issue of the additional S$100mn in aggregate principal amount of Convertible Bonds pursuant to the Upsize Option will be used in the manner described by the Manager in its announcement dated 10 March 2011. None of the directors and substantial shareholders of the Manager and the substantial unitholders of CMT has any interest, direct or indirect, in the issue of the Convertible Bonds from the exercise of the Upsize Option.