SingTel Issues $200 Million FRN

Indonesia Finance

Tuesday, 22 November 2011 00:09

Written by Patrick Chang

Theindonesiatoday.com - SingTel Group Treasury Pte. Ltd. (SGT), wholly-owned subsidiary of SINGAPORE Telecommunications Limited (SingTel) has priced a US$200 million, 7-year floating-rate notes issue, which will be issued on 1 December 2011.

The Notes will be guaranteed by SingTel. The Notes, denominated in US dollars, will mature on 1 December 2018. The Notes are issued under SGT’s S$10 billion Euro Medium Term Note Programme.

This issue is part of the long-term financing strategy and extends the debt maturity profile of SingTel and its subsidiaries. The net proceeds from this issue will be applied by SGT to fund its ordinary course of business.

Barclays Bank PLC, Singapore Branch acted as sole manager for this transaction issue.

SingTel will be issuing a new series of JPY10 billion, 7-year fixed-rate notes on 28 November 2011. The Notes will be guaranteed by SingTel. The Notes, denominated in Japanese Yen, will mature on 28 November 2018.

The Hongkong and Shanghai Banking Corporation Limited acted as sole manager for this transaction issue.

SingTel, owner of 35% shares in Indonesia's largest cellular provider Telkomsel, posted net profit of S$1.79 billion in nine months of 2011, down 2.1% from the corresponding period last year on weak revenue growth of 5.6% to $9.2 billion.

Group revenue grew 4 per cent and net profit declined 1 per cent to S$882 million in the third quarter, where operations in Singapore and Australia demonstrated strength with EBITDA growth of 5 per cent, amid keen competition in these markets.

The weaker regional currencies led to fair value losses on the associates’ foreign currency liabilities and also resulted in lower translated earnings as the Group reports in Singapore Dollar. Consequently, the regional mobile associates’ pre-tax earnings fell 12 per cent to S$471 million. In constant currency terms, their contribution recorded a smaller decline of 6 per cent.

The group’s mobile customer base grew 15 per cent or 56 million from a year AGO to reach 424 million as at 30 September 2011. (Theindonesiatoday.com)

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