Wednesday, June 07, 2017

Starhub Perpetual Securities, Indicative yield. 4.25%

Issuer: StarHub Ltd
Issue : SGD Subordinated Perpetual Securities
Issuer/Issue Rating: Unrated
Format: Regulation S only and S274/275 of SFA
Issue Size: SGD benchmark
Tenor: Perpetual NC5
Price Guidance: 4.25% area (changes subject to market condition and demand)
Ranking: Direct, unconditional, unsecured and subordinated obligation of the Issuer
Settlement Date: 16 June 2017
Issuer Call Option: 16 June 2022 & at any distribution date thereafter at par, 100% of principal
Distribution: Fixed. Reset in Year 10 & every 10 years thereafter plus applicable Step up
Step up: 100bp from Year 10
Distribution Payment: Semi-annually in arrear
Distribution Deferral: At Issuer's discretion. Any deferred Distributions are cumulative and compounding
Dividend Pusher: Yes, with 6 month look back period
Dividend Stopper: Yes
Other Redemption: At par under tax reasons, accounting reasons, tax deductibility and clean up event
Use of Proceeds: General corporate funding requirements or investments of the Issuer and/or the StarHub Group (including financing new acquisitions and investments, refinancing of existing borrowings, working capital, capital expenditure and other general funding requirements)
Other Terms: SGD250k denoms; SGX-ST listing , CDP clearing, off S$2bn Programme
Governing Law: Singapore law
PB Concession : 15 cents
Sole Global Coordinator and Bookrunner: DBS Bank Ltd.

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