Singtel Partners With 11 Banks for USD 1.1 Billion Credit Facility

Reported by Srikapardhi May 30th, 2023 at 07:45 pm

Singtel, a leading telecommunications company, has signed a SGD 1.5 billion credit facility with 11 prominent banks. The credit facility, guaranteed by Singtel, will be used for general corporate purposes and reinforces the company's financial position to pursue its strategic objectives.

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Highlights

Singtel secures SGD 1.5 billion credit facility with 11 prominent banks.
The credit facility is guaranteed by Singtel and will be utilized for general corporate purposes.
Participating banks include ANZ, Bank of America, CCB, Citibank, DBS, ICBC, OCBC, Standard Chartered, SMBC, HSBC, and UOB.

Singtel Partners With 11 Banks for USD 1.1 Billion Credit Facility

Singtel announced on Tuesday signing a significant SGD 1.5 billion (USD 1.13 billion) committed revolving credit facility with 11 prominent banks. The subsidiary responsible for this arrangement is Singtel Group Treasury Pte Ltd, according to the exchange filing.

Also Read: Singtel Announces Consolidation, Forms Digital InfraCo to Drive Growth in Digital Infrastructure

Participating Banks and Singtel Group Treasury

The participating banks include Australia and New Zealand Banking Group Limited, Bank of America, N.A., Singapore Branch, China Construction Bank Corporation, Singapore Branch, Citibank N.A., Singapore Branch, DBS Bank Ltd, Industrial and Commercial Bank of China Limited, Singapore Branch, Oversea-Chinese Banking Corporation Limited, Standard Chartered Bank (Singapore) Limited, Sumitomo Mitsui Banking Corporation Singapore Branch, The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch, and United Overseas Bank Limited.

Singtel Group will utilize the credit facility for general corporate purposes, and the facility is guaranteed by Singtel itself.

Confidence in Singtel's Strategic Reset and Credit Quality

The Group Chief Financial Officer of Singtel expressed appreciation for the support and commitment of the banks involved. He emphasized that their participation is a testament to their confidence in the strategic reset, business fundamentals, and credit quality of the Singtel Group.

Also Read: Singtel Announces 5G Security-As-A-Slice Capability

Singtel's Service Offerings and Global Reach

Singtel is known for its comprehensive range of services, which encompasses next-generation communication, 5G, and technology services, as well as infotainment offerings for both consumer and business segments.

With a strong presence in Asia, Australia, and Africa, Singtel serves an impressive customer base of over 770 million mobile subscribers across 21 countries.

Also Read: Singtel Partners Ericsson for Mobile Network Energy Savings

The company's business infrastructure and technology services span 21 countries, supported by a network of more than 428 direct points of presence located in 362 cities.

This credit facility further strengthens Singtel's financial position and enables the company to confidently pursue its strategic objectives.

Reported By

Srikapardhi Telecom Analyst

Passionately following the Indian #Telecom Industry for over a decade from Business, Consumer and a Technical perspective. My primary focus area is Consumer & Digital Experience.