SINGAPORE -Mainboard-listed CapitaLand said on Friday that its proposed issue of $650 million in convertible bonds has been fully placed to institutional and accredited investors.

The number of new shares to be allotted and issued by the company, pursuant to the full conversion of the convertible bonds, is 130,784,708, based on the conversion price of $4.97 and assuming no adjustments to the conversion price as well as no exercise of the upsize option.

This proceeds will be used to refinance the company's existing indebtedness and for working capital.

The company has the upsize option of an additional $150 million in convertible bonds granted in favour of J.P. Morgan, the sole bookrunner, lead manager and underwriter for the issue of the convertible bonds, which shall be exercisable on or before June 30, 2015.