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ST Telemedia to skip $350M perpetual securities redemption on January 2024

The distribution rate of securities will remain at 5.00% per annum.

ST Telemedia will not redeem its $350m 5% subordinated perpetual securities on 17 January 2024, the first call date.

The Singaporean investor said there will also be no reset of the distribution rate of the securities on 17 January 2024 for the “avoidance of doubt,” meaning rates will remain at 5% per annum. 

In a bourse filing, ST Telemedia cited three factors which drove its decision to skip redemption on the first call:

  • Unfavourable market conditions for the issuance of similar perpetual securities at a lower yield;  
  • Prudent management of ST Telemedia's capital structure.   
  • To maintain flexibility so that ST Telemedia can exercise its right to redeem the securities on subsequent call dates.  

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