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Singapore Technologies Telemedia to skip first call for 5% perpetuals
By William Gullotti
Buffalo, N.Y., Dec. 5 – Citing unfavorable market conditions, Singapore Technologies Telemedia Pte. Ltd. will not exercise its redemption option for its S$350 million 5% subordinated perpetual securities on Jan. 17, 2024, according to an announcement on Tuesday.
The company will be able to exercise the redemption option on any following semiannual distribution payment date.
If the subordinated perpetuals are not redeemed, the distribution rate will reset on Jan. 17, 2029, and at 10-year intervals thereafter, to the prevailing 10-year swap offer rate with respect to the relevant reset date plus the initial spread of 270.5 basis points, plus a step-up of 100 bps per annum.
The securities were issued under the company’s S$2 billion multicurrency debt issuance program on Jan. 17, 2019.
Singapore Technologies Telemedia is a Singapore-based investment holding company focused on communications, media and technology.
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