CapitaLand Commercial Trust - OCBC Investment 2017-06-13: Cancellation Of Bonds Due To Conversion

CapitaLand Commercial Trust - OCBC Investment 2017-06-13: Cancellation Of Bonds Due To Conversion CAPITALAND COMMERCIAL TRUST C61U.SI

CapitaLand Commercial Trust - Cancellation Of Bonds Due To Conversion

  • CapitaLand Commercial Trust Management Limited, as manager of CapitaLand Commercial Trust (CCT), announced that S$21.75m in aggregate principal amount of the S$175m 2.5% convertible bonds due 12 Sep 2017 have been converted and cancelled due to an exercise of conversion rights by the holders. 
  • As a result of the conversion, 15.3m new units have been issued at the conversion price of S$1.4265. 
  • To date, the total principal amount of convertible bonds converted and cancelled is S$38.75m, with the amount remaining being S$136.25m. 
  • As at end 1Q17, CCT continues to enjoy a strong balance sheet with a healthy gearing of 38.1% and an average cost of debt of 2.6%. 80% of its gross borrowings are also on fixed rates, which limits the trust’s exposure to rising interest rates ahead. 
  • Maintain HOLD on CCT with an unchanged fair value estimate of S$1.69.




Eli Lee OCBC Investment | http://www.ocbcresearch.com/ 2017-06-13
OCBC Investment SGX Stock Analyst Report HOLD Maintain HOLD 1.69 Same 1.69



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