ST Telemedia Global Data Centres has priced its $450 million sustainability-linked perpetual (SLP) securities due 2030 under the company’s $1.5 billion multicurrency debt issuance programme.
The securities will bear a coupon of 5.7% per annum, payable semi-annually in arrears with a tenor of six years, with net proceeds to be used for the company’s general corporate purposes.
ST Telemedia Global Data Centres’ debut perpetual securities offering marks several firsts in the industry — it is the first Singapore dollar denominated SLP, the first public benchmark SLP in Asia, as well as the first public perpetual by a pure play data centre globally.
The company says the SLP will fuel its global growth plans, particularly to strengthen its geographical reach, as well as meet future demands for purpose-built digital infrastructure.
“The strong response from the investor community for our maiden perpetual securities issuance is testament to our commitment to achieve our growth and expansion strategy while not compromising our sustainability goals,” says Nelson Lim, group chief financial officer.
The SLP, which will be listed on SGX-ST, will be issued by joint bookrunners and joint lead managers DBS Bank, HSBC, Standard Chartered Bank and United Overseas Bank U11 .
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Clifford Lee, global head of fixed income at DBS, says the strong oversubscription of the SLP suggests that ESG issuances from reputable issuers remain attractive, with investors continuing to place the ESG agenda front and centre in their investment objectives.
“This issuance could serve as a reference point to further develop sustainability-linked financings across Asia and help the region transition towards a low carbon future, while enjoying sustainable economic growth. This is especially relevant for data centres, which power several of the region’s fast-growing industries, including financial services, e-commerce and artificial intelligence,” adds Lee.
