SINGAPORE - Singapore Press Holdings (SPH) has updated its $1 billion multicurrency medium-term note programme to a $1 billion multicurrency debt issuance programme, the group said in a Friday morning (May 3) regulatory filing.

This will allow SPH to issue perpetual securities on top of notes issued under the medium-term note programme.

Net proceeds from the issue of securities under the updated programme will be used for general working capital, capital expenditure, acquisitions, investments and refinancing the existing borrowings of SPH - which publishes The Business Times - and its subsidiaries.

With the appointment of DBS, both DBS and OCBC will act as arrangers and dealers of the updated programme.

The Bank of New York Mellon, replacing OCBC Bank and British and Malayan Trustees Limited, has been appointed the issuing, paying and calculation agent, as well as trustee.

The earlier medium-term note programme was announced on Feb 22, 2010, where an initial series 1 tranche of $300 million fixed rate five-year notes with an upsize option was proposed to be issued.

SPH shares closed down 1.99 per cent, or $0.05 at $2.46 on Thursday.