Suntec REIT issues convertible bonds worth $300m
The bonds have a $50m upsize option.
Suntec REIT, through its manager ARA Trust Management Limited, priced the offering convertible bonds for $300m.
According to an announcement, there will also be an option to upsize by $50m. The bonds will be due on 30 November 2024.
The bonds will have an interest rate of 1.75% per annum.
The net proceeds of the issuance will be used to pay off debt and to finance the firm's corporate purposes.