SINGAPORE, Sept 19 (Reuters) - Singapore’s CapitaLand Ltd , Southeast Asia’s largest property developer, said on Thursday it plans to issue convertible bonds worth up to S$700 million ($555.8 million).
The move came after the U.S. Federal Reserve defied investor expectations on Wednesday by postponing the start of the wind-down of its massive monetary stimulus, saying it wanted to wait for more evidence of solid economic growth.
CapitaLand proposed to issue S$600 million in principal amount of the bonds and may increase the size by up to S$100 million if an option is exercised, it said in a stock market filing.
The pricing of the bonds is expected to take place around Sept. 19. CapitaLand said it plans to use the proceeds mainly to refinance its debts, including the repurchase of its outstanding convertible bonds, and for working capital.
Credit Suisse is the sole bookrunner, lead manager and underwriter for the issue. ($1 = 1.2594 Singapore dollars) (Reporting by Eveline Danubrata; Editing by Rachel Armstrong)