Stock News: CapitaLand to issue up to 500 mln sgd worth of convertible bonds

Property developer CapitaLand Ltd said it will issue up to 500 mln sgd worth of bonds convertible into new ordinary shares, partly to repay debt. The issue will comprise a principal amount of 350 mln sgd with another 150 mln sgd available when an over-allottment option is exercised. Other uses for the net proceeds will be to finance new investments and for working capital CapitaLand said. It has tapped JP Morgan (SEA) Ltd as the sole bookrunner and lead manager of the issue, which will be priced on October 6 after a bookbuilding exercise. Further terms of the convertible bonds will be disclosed after pricing. The closing date of the issue is expected to be on or about Novemer 15.