By Wendy Van Sickle
Columbus, Ohio, Jan. 24 – ST Telemedia subsidiary STT GDC Pte. Ltd. (ST Telemedia Global Data Centres) priced a S$50 million add-on to its 5.7% sustainability-linked perpetual securities at 100.5, according to an announcement.
The notes are in addition to the S$450 million of notes priced on Jan. 8.
The initial distribution rate is set through Jan. 15, 2030. After the first reset date and on each reset date thereafter, the distribution rate will equal SORA-OIS plus 298 basis points plus a 100 bps step-up margin.
The notes are being issued under a S$1.5 billion multicurrency debt issuance program.
The securities become callable on the first reset date and each distribution payment date thereafter.
The distribution rate will be linked to renewable energy consumption. Should the issuer not meet its target by the observation date, the rate will step up starting on the eighth distribution payment date. The step-up rate of distribution from the distribution commencement date to the first reset date will be 25 bps per year. Then, starting with the first reset date and each reset date going forward, the rate will be the reset distribution rate plus 25 bps per year.
Distributions are semiannual. Any unpaid distributions will be cumulative.
DBS Bank Ltd. and United Overseas Bank Ltd. are the joint global coordinators, and HSBC Ltd., Singapore Branch, Standard Chartered Bank (Singapore) Ltd. and United Overseas Bank Ltd. joined as joint bookrunners.
Proceeds will be used for general corporate purposes, including but not limited to refinancing of existing borrowings and financing of investments, acquisitions, general working capital and/or capital expenditure of the issuer and its subsidiaries.
The securities are being listed in Singapore.
ST Telemedia is a Singapore-based communications, media and technology company.
| Issuer: | STT GDC Pte. Ltd.
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| Amount: | S$50 million add-on
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| Issue: | Sustainability-linked securities
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| Maturity: | Perpetual
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| Bookrunners: | DBS Bank Ltd., United Overseas Bank Ltd. (joint global coordinators), HSBC Ltd., Singapore Branch, Standard Chartered Bank (Singapore) Ltd. and United Overseas Bank Ltd.
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| Coupon: | 5.7% initial rate; resets to SORA-OIS plus 298 basis points plus a 100 bps step-up margin with potential step-ups based on sustainability performance target
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| Price: | 100.5
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| Call features: | On first reset date and each distribution payment date thereafter
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| Trade date: | Jan. 24
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| Settlement date: | Jan. 31
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| Total issuance: | S$500 million, including S$450 million priced on Jan. 8
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