CapitaCommercial Trust (CCT) is proposing to issue five-year convertible bonds of at least $225 million.
The bonds, which are due in 2015, are being offered to accredited and institutional investors.
CCT said that the size of the bond issue may increase by up to $25 million within the next 30 days, therefore increasing the total proceeds to almost $250 million.
Pricing is expected later, after a book-building exercise has been made.
According to CCT, the proceeds of the bonds will be used for general working capital, refinancing existing debt and asset enhancement.
The company has appointed Credit Suisse Singapore as the lead manager and sole bookrunner.
The end date for the issue is expected to be on or before 21 April 2010.