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Temasek's STT GDC prices S$400m bonds at 3.13% on strong investor interest
DATA centre provider ST Telemedia Global Data Centres (STT GDC) will issue at par S$400 million worth of senior unsecured bonds that will carry a 3.13 per cent coupon and mature on July 28, 2028.
Deal statistics showed robust demand for the bonds, with books totalling over S$3 billion from 120 accounts.
By investor type, 54 per cent of the orders were from fund managers, sovereign wealth funds and the public sector. About 35 per cent of the investor interest came from private banks, while the rest were from banks and corporates.
Singapore-based investors made up the bulk of the demand at 94 per cent.
STT GDC, which is indirectly wholly owned by Temasek Holdings, will use the proceeds for general corporate purposes, which include refinancing existing borrowings and financing investments, acquisitions, general working capital and/or capital expenditure.
The bonds will be issued under STT GDC’s S$1.5 billion multicurrency debt issuance programme.
The joint global coordinators for the deal were DBS Bank and United Overseas Bank (UOB). Joint bookrunners and joint lead managers were DBS, UOB, Credit Suisse and Standard Chartered Bank.
Singapore-based STT GDC has seven data centres in the city-state. It also has facilities in China, India and the UK, as well as an upcoming development in Thailand, according to its website.
The latest issuance comes a month after Singapore Technologies Telemedia (ST Telemedia), which wholly owns STT GDC, likewise saw strong interest in its perpetual deal. Orders for ST Telemedia’s S$375 million benchmark size NC7 perpetual exceeded S$2 billion, leading to the price being tightened to 4.1 per cent.