Temasek’s STT to issue S$300 million in 5.5% perpetual securities

TEMASEK-owned Singapore Technologies Telemedia (STT) has priced S$300 million in perpetual securities at a rate of 5.5 per cent, first callable in 2030.

The company, which invests in data centres and infrastructure technology, said the first distribution reset date will fall on Jul 11, 2030. Subsequent resets will happen every seven years after.

The reset distribution rate will be the seven-year Singapore Overnight Rate Average overnight indexed swap rate at the time plus the initial spread of 2.247 per cent, together with a step-up of 1 per cent per annum, STT said.

It expects to issue the perps on Jul 11, 2023, and list them on the Singapore Exchange (SGX) on or about Jul 12, 2023.

The perps will be issued under STT’s S$3 billion multicurrency debt issuance programme, established in November 2015 and updated in June this year.

DBS and UOB are the joint lead managers and bookrunners for the perp issue.