Singapore Press seeks consents for waivers under 3.2% notes due 2030

By Rebecca Melvin

Concord, N.H., Oct. 26 – Singapore Press Holdings Ltd. has commenced a solicitation of consents from holders of its S$500 million of 3.2% notes due 2030, which were issued under a S$1 billion multicurrency debt issuance program, according to a notice.

The company is seeking approval to waive conditions of default and amend provisions of the notes pertaining to a guarantee to be given by Keppel Land Ltd. regarding obligations under the notes and delete references to its principal subsidiaries and group, as well as to make other adjustments.

The consent solicitation does not impact the company’s outstanding S$150 million 4˝% subordinated perpetual securities and S$300 million 4% subordinated perpetual securities, also issued under the debt issuance program.

After the consent solicitation statement is completed, the company will be delisted from the mainboard of the Singapore Stock Exchange. It does not plan to redeem the perpetual securities on the distribution payment date following delisting, but instead it will increase the distribution rate by 1%.

An investor call will be held at 3:30 a.m. ET on Nov. 3 pertaining to the solicitation bid.

Oversea-Chinese Banking Corporation Ltd. has been appointed as the company’s solicitation agent.

Holders who wish to participate in the call must preregister via email to the solicitation agent at liabilitymanagement@ocbc.com or contact their respective nominees by 4:30 a.m. ET one business day before the call.

The publishing company is based in Singapore.

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