KEPPEL Reit has priced a S$200 million offering of five-year convertible bonds at the cheap end of price talk, suggesting tepid response to the deal.
The senior unsecured bonds will be sold at 100 per cent of par and bear a coupon of 1.90 per cent, which is the high end of the 1.70 per cent to 1.90 per cent range indicated during marketing, the commercial real estate investment trust announced on Tuesday evening. The initial conversion premium of 12.5 per cent over Tuesday's closing price represents an initial conversion price of S$1.4625, which is on the cheap end of the indicated range of S$1.4625 to S$1.5275.
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