By Rebecca Melvin
Concord, N.H., March 30 – Singapore Post Ltd. wholly owned subsidiary SingPost Group Treasury Pte. Ltd. priced S$250 million subordinated fixed-rate perpetual securities, according to a company announcement.
The notes were sold under SingPost’s S$1 billion multicurrency debt issuance program and are guaranteed by Singapore Post.
The rate of distribution will be 4.35% until the first reset date on July 6, 2027. After that, and on each reset date, the rate resets to five-year SORA-OIS plus 218.3 basis points.
There are also step-up margins including a 25 bps step-up for the period from July 6, 2027 to July 6, 2047 and a second step-up of an additional 75 bps for the period from July 6, 2047.
The notes are also callable on July 6, 2027 and on each reset date subsequently.
DBS Bank Ltd., HSBC, Singapore Branch and Oversea-Chinese Banking Corp. Ltd. are joint lead managers and bookrunners of the offering, for which proceeds will be used for general corporate purposes, including refinancing existing borrowings.
The company provides mail, logistics and retail solutions and is based in Singapore.
| Issuer: | SingPost Group Treasury Pte. Ltd.
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| Guarantor: | Singapore Post Ltd.
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| Amount: | S$250 million
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| Issue: | Subordinated fixed-rate perpetual securities
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| Maturity: | Perpetual
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| Bookrunners: | DBS Bank Ltd., HSBC, Singapore Branch and Oversea-Chinese Banking Corp. Ltd.
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| Coupon: | 4.35% until July 6, 2027 when the rate resets to SORA-OIS plus 218.3 bps
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| Step-ups: | 25 bps from July 6, 2027 and an additional 75 bps from July 6, 2047
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| Calls: | On July 6, 2027 and on subsequent reset dates
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| Call option: | In whole or in part at any time at a make-whole amount
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| Announcement date: | March 30
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| Issue date: | April 6
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| ISIN: | SGXF24733614
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