SingTel given $710 mn credit facilities

SINGAPORE: Singapore Telecommunications (SingTel) said on Monday it has secured 1.08 billion dollars (710 million US) in credit facilities to refinance existing loans and use as general working capital.

The firm said it signed an agreement for the three-year loan facility with Bank of Tokyo-Mitsubishi UFJ Ltd, DBS Bank, Oversea-Chinese Banking Corp, United Overseas Bank, Calyon, Citibank and HSBC.

"SingTel appreciates and is pleased with the commitment and participation from its bankers," said SingTel Group's chief financial officer Jeann Low.

"The committed facility of 1.08 billion Singapore dollars will meet the group's refinancing requirements for the next financial year ending 31 March 2010."

SingTel, Southeast Asia's largest telecoms firm, reported last month its third quarter to December net profit fell 16.1 percent to 799 million Singapore dollars as currency depreciation weighed on earnings.

SingTel has a wholly owned subsidiary, Optus, in Australia and has stakes in Thailand's Advanced Info Service, India's Bharti, Globe Telecom of the Philippines, Indonesia's Telkomsel, Pacific Bangladesh Telecom and Pakistan's Warid Telecom.

Singapore state-linked investment firm Temasek Holdings has a 55 per cent stake in SingTel.