CapitaLand has increased the size of the 10-year convertible bond that it issued earlier this month by a further S$50 million to a total of S$800 million $636 million after a strong initial response to its tender offer for three outstanding CBs.
The move suggests the Singapore-listed real estate developer expects to be able to buy back roughly that same amount of bonds.
CapitaLand earlier said the proceeds from the new issue would be used mostly to refinance existing debt, including outstanding CBs, and, according to a source, the intention is to match the size of the new CB with the amount of bonds it...
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