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Singtel Group signs agreement for S$1.08 billion of credit facilities with international banks

Singtel Group signs agreement for S$1.08 billion of credit facilities with international banks

 

, 30 March 2009 – Singapore Telecommunications Limited (Singtel) today announced it entered into an agreement for credit facilities of S$1.08 billion to refinance existing facilities and for general working capital purposes.
 
Singtel, through its wholly-owned subsidiary, Singtel Group Treasury Pte Ltd., signed the agreement for a 3-year term loan facility with the Bank of Tokyo-Mitsubishi UFJ, Ltd., DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited, Calyon, Citibank, N.A. and The Hongkong and Shanghai Banking Corporation Limited.
 
Ms Jeann Low, Singtel’s Group Chief Financial Officer, said: “Singtel appreciates and is pleased with the commitment and participation from its bankers. The committed facility of S$1.08 billion will meet the Group's refinancing requirements for the next financial year ending 31 March 2010.”
 
Singtel has an A+ rating from Standard & Poor’s and an Aa2 from Moody’s Investors Service.
 
For the nine months ended 31 December 2008, Singtel Group generated free cash flow after capital expenditure of approximately S$2.3 billion.  Net debt as at 31 December 2008 was S$6.6 billion, which represents a net debt gearing ratio of 25.5 per cent.
 
The transaction has no material impact on the earnings per share or the net tangible assets of Singtel for the current financial year.
 
 

 

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