CapitaLand buys back S$432.5 million worth of CBs via tender

The Singapore-listed developer fixes the tender price at 111.5% and then buys an additional S$160 million worth of convertible bonds in the open market to reduce its debt service obligations.

CapitaLand will buy back S$432.5 million $345 million worth of its 3.125% convertible bond that matures in 2018 through an earlier announced tender offer, it said after the market closed on Friday.

This is slightly more than the S$425 million that the Singapore-listed real estate developer had previously indicated would be the maximum amount, which reflects the fact that the company has chosen to fix the repurchase price below the maximum price and to...

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