Singapore Press Holdings (SPH) has launched a consent solicitation on its S$500mn 3.2% bonds due 2030 to amend certain terms. The amendments are related to the proposed S$2.2bn acquisition by Keppel, which will be buying all of SPH’s shares after its loss-making media business is carved out. Thereafter, Keppel plans to delist SPH and take it private, IFR notes. SPH seeks to waive any event of default, to include a guarantee from Keppel Land for its obligations under the notes and waive any non-compliance with terms resulting from the media business carve out, among other things. Bondholders that give their consent by November 12 will receive an early consent fee of 0.25% or S$625 per S$250,000 in principal. SPH also has outstanding SGD 4.5% and 4% perps callable in 2024 and 2025 respectively, which the company said that it will not be redeeming on delisting. Instead, it will increase the coupons on both the perps by 1% after delisting, as per IFR.
SPH’s SGD 3.2% 2030s traded 0.05 points lower to 100.31 yielding 3.16%.