Singapore Press Holdings prices S$300 million perpetual securities

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

Singapore Press Holdings said Tuesday it priced an offering of S$300 million subordinated perpetual securities at 4 percent, with the bonds to be issued under its S$1 billion multicurrency debt program.

The net proceeds will be used to finance general working capital, capital expenditure and corporate requirements, including acquisitions and investments, and/or to refinance existing borrowings, SPH said in a filing to SGX.

The securities, which are perpetual and don’t have a fixed redemption date, will be issued in denominations of S$250,000, SPH said.

The first distribution reset date will be 12 May 2025, with subsequent resets every five years afterward, SPH said. The reset rate will be the prevailing five-year swap offer rate plus an initial spread of 2.545 percent, plus a step-up of 1.0 percent, SPH said.

The perpetual securities are expected to be issued on 12 November, with listing on SGX expected on or around 13 November, SPH said.

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

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