Singtel Group prices US$700 million 5.5-year notes at 2.375%
More than 4 times oversubscribed
Singapore, 2 March 2012 – Singapore Telecommunications Limited (Singtel) today announced that its wholly-owned subsidiary, Singtel Group Treasury Pte. Ltd. (SGT), priced US$700 million of 5.5 year notes on 1 March 2012, guaranteed by Singtel. The note issue met with strong demand from a wide range of high quality investors. The order book closed after receiving interest of approximately US$3.25 billion and was more than 4 times oversubscribed by investors.
The US-denominated notes will carry a coupon of 2.375 per cent per annum and is drawn down under SGT’s S$10 billion Euro Medium Term Note Programme (Programme). The notes will mature in 2017.
This issue is part of the long-term financing strategy and extends the debt maturity profile of Singtel and its subsidiaries (collectively referred to as Singtel Group). The net proceeds from this issue will be applied by SGT to fund its ordinary course of business.
Ms Jeann Low, Singtel Group Chief Financial Officer, said: “We are pleased with the strong support and confidence shown by investors. This bond offering forms a critical part of our strategy to optimise our debt structure and broadens our sources of funding.”
In line with Singtel’s current credit ratings, the notes are rated Aa2 by Moody’s Investors Service, Inc. and A+ by Standard & Poor’s.
Application will be made for the listing and quotation of the notes on the Singapore Exchange Securities Trading Limited (SGX-ST). Admission to the Official List of the SGX-ST and quotation of the notes on the SGX-ST is not to be taken as an indication of the merits of SGT, Singtel, their respective subsidiaries and associated companies, the Programme or the notes. The SGX-ST assumes no responsibility for the correctness of any of the statements made or opinions expressed or reports contained herein.
Citigroup Global Markets Singapore Pte. Ltd., Deutsche Bank AG, Singapore Branch, Merrill Lynch (Singapore) Pte. Ltd. and Morgan Stanley Asia (Singapore) Pte. acted as Joint Lead Managers and Bookrunners.
NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THEUNITED STATES OR TO U.S. PERSONS.
This announcement is not an offer for sale of securities in the United States. The notes have not been and will not be registered under the U.S. Securities Act of 1933 (as amended), and may not be offered or sold in the United States or to U.S. persons absent registration under, or an applicable exemption from, the registration requirements of the U.S. securities laws. No public offering of securities is being made in the United States or in any other jurisdiction where such an offering is restricted or prohibited.