SPH prices S$150 million of subordinated perpetual securities

Straits Times reading sculpture at Changi AirportStraits Times reading sculpture at Changi Airport

Singapore Press Holdings priced an offering of S$150 million of subordinated perpetual securities at 4.50 percent under its S$1 billion multi-currency debt issuance program, the media and property company said in a filing to SGX Thursday.

The net proceeds will be used to finance general working capital, capital expenditure and corporate requirements, including acquisitions and investments, and/or for refinancing existing borrowings, SPH said.

The securities will be issued in denominations of S$250,000, and will have no fixed final redemption date, SPH said.

The first reset date for the distribution rate will be 7 June 2024, with subsequent resets every five years afterward, SPH said. The reset distribution rate will be the prevailing five-year swap offer rate plus an initial spread of 2.612 percent, with a step-up of 1.0 percent a year, SPH said.

SPH can redeem the securities from 7 June 2024, it said.

The perpetual securities are expected to be issued on 7 June and be listed on SGX-ST on or around 10 June, the filing said.

DBS Bank and OCBC have been appointed a joint lead managers and bookrunners for the offering, the filing said.

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