Singapore’s incumbent telco SingTel has secured revolving credit facilities worth around S$3.5bn (US$2.79bn) through its domestic and Australian subsidiaries.
The debt will be used to refinance existing facilities as well as for general corporate…
Singapore’s incumbent telco SingTel has secured revolving credit facilities worth around S$3.5bn (US$2.79bn) through its domestic and Australian subsidiaries.
The debt will be used to refinance existing facilities as well as for general corporate purposes.
It comprises a S$2.1bn three-year revolver, which was secured by SingTel Group Treasury Pte and is guaranteed by the SingTel group, and a A$1.2bn three-year RCF that is guaranteed by its Australian unit Optus and other subsidiaries in the country.
SingTel CFO Jeann Low said: “The SingTel Group appreciates and is very pleased with the level of support and confidence demonstrated by our bankers in Singapore and Australia.”
The banks on the Singaporean debt are Bank of America, The Bank of Tokyo-Mitsubishi UFJ, Citibank, Credit Agricole, Deutsche Bank, DBS Bank, The Hongkong and Shanghai Banking Corporation, Mizuho Bank, Oversea-Chinese Banking Corporation, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation and United Overseas Bank.
Those listed on the Australian revolver are Australia and New Zealand Banking Group, Bank of America, Barclays, The Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Citibank, Commonwealth Bank of Australia, The Hongkong and Shanghai Banking Corporation, JPMorgan, Mizuho Bank, and Westpac Banking Corporation.
The move comes just a few months after reports claimed SingTel was close to securing a S$1.8bn (US$1.43bn) three-year loan from a consortium of local and international lenders.
SingTel, South East Asia’s largest telco, netted a three-year S$2.16bn (US$1.7bn) revolver back in June 2011 with 12 banks.
It is also rumoured to be talking to local sovereign wealth fund Temasek Holdings to acquire its 41.6% stake in Thai telecoms group Shin Corp, valued at US$3.1bn.
Singapore seeking more competitive telecoms market
Singapore’s IT and telecoms regulator has launched a consultation on ways to inject more competition into the island’s mobile market.
The Infocomm Development Authority said it has identified frequencies in the 700 MHz, 800 MHz, 900 MHz, 2.3 GHz and 2.5 GHz spectrum bands for services such as 4G in the next few years.
It is calling for ways to facilitate the entry of MVNOs through a spectrum allocation process, while paving the way for new MNOs to enter the market.
IDA deputy CEO Leong Keng Thai said: “It is timely to review spectrum allocation and policy options to ensure that the demands of the industry can be met. Moreover, with IDA aiming to establish Singapore as a ‘Smart Nation’ underpinned by high speed fixed and wireless networks, it is essential that the allocation of spectrum is able to facilitate such developments.”
The consultation is open until 20 May 2014.
