CapitaLand to issue $650m convertible bonds

To refinance existing debt.

CapitaLand is proposing to issue $650 million convertible bonds to refinance its existing debt.

The bonds are convertible to new ordinary shares and will be placed with institutional investors and accredited investors.

The convertible bonds will be listed on the Open Market segment of the Frankfurt Stock Exchange, while the new shares will be listed on the SGX-ST.

Proceeds will be used to refinance existing debt and any balance will be used as working capital.

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