Monthly Archives: July 2009

CapitaLand raises $1.1b from convertible bonds

Posted on 31 Jul 2009 | Comments Off on CapitaLand raises $1.1b from convertible bonds

Property heavyweight CapitaLand has raised $1.1 billion in gross proceeds from a seven-year unsecured convertible bond (CB) issue, the largest CB transaction for an Asian listed issuer so far this year.

The lead manager of the issue may exercise an option by Aug 29 to increase the size of the issue by up to $100 million, taking the issue to $1.2 billion.

‘The objective of this fund-raising is primarily to extend the group’s debt maturity profile,’ said CapitaLand.

‘Thus, CapitaLand expects to use the net proceeds of the issue mainly to refinance or repay its existing indebtedness (including the repurchase of outstanding medium term notes and/or convertible bonds), and the balance to finance new investments and/or for working capital.’ Continue reading →

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Posted in Developers

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Metro, Isetan setting up new heartland outlets

Posted on 31 Jul 2009 | Comments Off on Metro, Isetan setting up new heartland outlets

RETAIL veterans Isetan and Metro will expand in the coming year, at a time when many of their counterparts around the world are biting the dust.

The two department stores, each with three outlets, are setting up new outlets in the heartland – after years of standing pat.

Japanese chain store Isetan will open its first outlet in 14 years at Nex, an upcoming mall in Serangoon Central, next year. Locally owned Metro will have a 56,000 sq ft outlet in City Square, the mall in Little India, by September – this coming after it closed two stores in the last four years.

The moves fly in the face of what is happening elsewhere, where department stores are doing anything but expanding. The recession has already felled the weaker players in the United States, Japan and parts of western Europe. Continue reading →

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Posted in Office / Retail / Industrial

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