SPH to issue $150m perpetual securities

They will be issued in denominations of $250,000 on 7 June.

Singapore Press Holdings (SPH) is set to issue $150m in aggregate principal amount of 4.5% subordinated perpetual securities under its $1b multicurrency debt issuance programme, an announcement revealed.

The perpetual securities, which will have no fixed final redemption date, will be issued in denominations of $250,000. “They will confer a right to receive distribution payments at a rate of 4.5% per annum, with the first distribution rate reset falling on 7 June 2024, and subsequent resets occurring every five years thereafter,” SPH noted.

The net proceeds of the perpetual securities issue will be used to finance the general working capital, capital expenditure and corporate requirements such as acquisitions and investments, as well as to refinance the firm’s existing borrowings.

SPH announced earlier in May that it converted its $1b multicurrency medium term note programme into a debt issuance programme, which also saw the Bank of New York Mellon replacing British and Malayan Trustees as the trustee.

DBS Bank and Oversea-Chinese Banking Corporation (OCBC) have been appointed as joint lead managers and bookrunners for the offering of the perpetual securities.

An application will be made to the Singapore Exchange Securities Trading (SGX-ST) for the listing and quotation of the perpetual securities on the Official List of the SGX-ST. The perpetual securities are expected to be issued on 7 June, and are expected to be listed on the Singapore SGX-ST on or about 10 June.

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia