CCT to sell S$280m worth of 5-year convertible bonds

CapitaCommercial Trust (CCT) is planning to sell S$280 million worth of five-year convertible bonds.

The bonds are being targeted at mainly institutional investors.

CCT said it could issue more convertible bonds to raise another S$90 million. This will take the total amount raised to S$370 million.

The Trust said it could also pay cash in lieu of issuing new units on conversion of the bonds.

It will be using the proceeds to refinance its short-term loans and pay for acquisitions and investments.

Standard Chartered Bank has been appointed as the financial adviser. – CNA/so

Source : Channel NewsAsia – 1 Apr 2008

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