SINGAPORE, Sept 19 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
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)