SPH launched a tender offer and consent solicitation to buy back its outstanding S$500mn 3.2% 2030s. Under the tender offer, SPH would buy the bonds at S$100.75 per S$100 in principal in cash, with the offer expiration deadline ending April 18. SPH will give an early consent fee equal S$0.25 per S$100 in principal and a normal consent fee S$ of 0.15 for consents received thereafter. Under its consent solicitation, SPH is seeking approval to ‘waive provisions of its trust deed and conditions’ through an extraordinary resolution vote of its bondholders, with regard to its scheme with Cuscaden. It also aims to waive any event of default under certain circumstances, including the media business carve-out. This includes a call option to redeem the bonds. If the vote is passed, SPH intends to buyback the entire amount outstanding with accrued interest. This comes after SPH shareholders voted in favor of Cuscaden’s takeover offer last week.
SPH’s 3.2% 2030s were unchanged at 100.35, yielding 3.15%.
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