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Optus, SingTel sign $2.58b in credit facilities

Optus, SingTel sign $2.58b in credit facilities

Optus and parent company SingTel (ASX:SGT) have together secured credit facilities with international banks totalling S$3.7 billion ($2.58 billion).

Optus Finance has signed a three-year, $1.2 billion revolving facility with 12 banks, including ANZ (ASX:ANZ), Commonwealth Bank (ASX:CBA) and Westpac (ASX:WBC).

Also on the roster are Bank of America, Barklays Bank, The Bank of Tokyo-Mitsubishi, BNP Paribas, Citibank, HSBC, JP Morgan Chase Bank, Mizuho Corporate Bank and the Oversea-Chinese Banking Corporation. Optus is guaranteeing the facility.

In Singapore, SingTel Group Treasury entered a three-year S$2.16 billion revolving credit facility with many of the same banks and some new ones. It is guaranteed by SingTel.

SingTel has announced that the funds will be used for general corporate purposes, and to refinance existing facilities.

Optus last week signed an $800 million deal to progressively migrate its hybrid fibre coaxial cable customers to the NBN as it is rolled out across the nation.

Optus was responsible for S$11.7 billion of SingTel's S$18.1 billion in revenue for the financial year ending in March, according to the company's annual report.

The whole group reported an underlying net profit of $3.8 billion for the year, down 3% from FY10.

SGT shares grew 0.84% in Friday's trading to $2.400.

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Tags ANZWestpaccommonwealth bankcreditASX:SGTASX:CBAASX:ANZoptussingtelASX:WBC

More about ANZ Banking GroupCitigroupCommonwealth Bank of AustraliaCommonwealth Bank of AustraliaHSBCJP MorganMitsubishi AustraliaMizuho Corporate BankMorganOptusWestpacWestpac

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