Suntec Real Estate Investment Trust (Reit), controlled by Hong Kong tycoon Li Ka-shing's Cheung Kong (Holdings), launched a convertible bond issue on Thursday worth up to $300 million (US$215 million), a source familiar with the deal said.
The property trust was selling 5-year convertible bonds worth $250 million, with an overallotment option for a further $50 million, in a deal handled by Citigroup and Deutsche Bank .
The bonds have a coupon of 3.25 per cent and a conversion premium of 23 to 28 per cent and a reference price of $1.60, which was where the Reit's unit closed on Thursday. -- REUTERS
Source : Business Times - 28 Feb 2008
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