capitamall-trust-sells-cbs-to-pay-for-new-acquisition

CapitaMall Trust sells CBs to pay for new acquisition

Singapore's largest Reit raises $478 million and achieves favourable terms by using a newly acquired property as security for the bonds.
SingaporeÆs largest real estate investment trust, CapitaMall Trust, has raised S$650 million $478 million from the sale of convertible bonds that will be used to partly finance a yield-accretive acquisition of a commercial property that was announced yesterday. The company said it will pay S$839.8 million plus expenses for the property - two Grade A office towers and some ground floor retail space - which is known as AtriumOrchard and counts Temasek, HSBC and Barclays Capital among its tenants.

The rest of the acquisition cost, which totals S$850 million, will be covered by internal resources. Over the past couple of months CapitaMall has issued S$395 million of bonds due 2009 and 2010...
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