COMMERCIAL PROPERTY | Staff Reporter, Singapore

SPH subsidiary issues £83m notes on The International Stock Exchange

Privilege Midco Limited, a UK-based wholly-owned subsidiary of SPH, issued all of its notes to its sole shareholder.

Privilege Midco Limited (PML), a UK-based wholly-owned subsidiary of SPH has issued £ 83.17m unsecured loan notes, listed on The International Stock Exchange (TISE) on June 1.

These have all been issued to its sole shareholder, Straits Ten, a fellow wholly-owned indirect subsidiary of SPH.

Proceeds of the notes will be used to establish intra-group loan arrangements in connection with an internal restructuring exercise to transfer three purpose-built student accomodation properties in Leeds, Sheffield, and Southampton, along with their related businesses and assets, between wholly-owned indirect subsidiaries of SPH, from a Luxembourg holding structure to a UK holding structure.

The notes have been issued with no change of the principal amount, in multiples of £ 0.01, with an interest rate of 3.27% per annum.

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