By Rebecca Melvin
Concord, N.H., April 8 – Singapore Telecommunications Ltd. subsidiary Singtel Group Treasury Pte. Ltd. priced S$1 billion subordinated perpetual securities with an initial distribution rate of 3.3%, according to a notice.
The issue is guaranteed by Singtel.
The first distribution rate reset will occur on Oct. 14, 2031, at which time the rate will be subject to a 25 basis points step-up per year. Subsequent resets occur every 10 years thereafter. There is an additional step-up of 75 bps per year on Oct. 14, 2051.
The order book for the issue closed at about S$2.1 billion.
DBS Bank Ltd., HSBC, Oversea-Chinese Banking Corp. Ltd. and Standard Chartered Bank (Singapore) Ltd. acted as joint lead managers and bookrunners.
Proceeds will be used to fund its ordinary course of business.
Singapore Telecommunications a broadband services provider based in Singapore.
| Issuer: | Singtel Group Treasury Pte. Ltd.
|
| Guarantor: | Singapore Telecommunications Ltd.
|
| Issue: | Subordinated securities
|
| Amount: | S$1 billion
|
| Maturity: | Perpetual
|
| Bookrunners: | DBS Bank Ltd., HSBC, Oversea-Chinese Banking Corporation Ltd. and Standard Chartered Bank (Singapore) Ltd.
|
| Distribution rate: | 3.3%
|
| Distribution reset: | Every 10 years
|
| Step-ups: | 25 bps on Oct. 14, 2031; 75 bps on Oct. 14, 2051
|
| Pricing date: | April 7
|
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