SingTel priced US$600mn 10.5-year notes at 4.5%

The order book closed after registering approximately US$1.8 billion of interest and was oversubscribed by more than three times.

According to SingTel, the US-denominated notes will carry an annual coupon of 4.5 per cent per annum and is drawn down under SGT’s S$10 billion Euro Medium Term Note Programme. The notes will mature in 2021.

This issue forms part of the long-term financing strategy and extends the debt maturity profile of SingTel and its subsidiaries. SGT will utilise the funds for general corporate purposes, including repayment of the SingTel Group’s maturing debts.

Ms Jeann Low, SingTel Group Chief Financial Officer, said: “We are pleased to have received very strong support from investors and that shows confidence in the SingTel Group’s credit quality which is among the highest in our industry.”

The notes are rated Aa2 by Moody’s Investors Service, Inc. and A+ by Standard & Poor’s respectively, in line with SingTel’s current credit ratings.

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.

BNP Paribas, Singapore Branch, The Hongkong and Shanghai Banking Corporation Limited and Morgan Stanley Asia (Singapore) Pte. acted as Joint Lead Managers and Bookrunners and Australia and New Zealand Banking Group Limited as Co-Manager.