Credit: Dreamstime
Singapore Telecommunications' (Singtel) subsidiaries have secured close to US$3 billion in bank credit facilities, the company has revealed.
The deals include S$3.45 billion (US$2.4 billion) of facilities for Singtel Group Treasury and A$800 million (US$510 million) for its Australian subsidiary Optus Finance. The funds will be used for refinancing and general purposes, Singtel said.
Credit ratings agencies Fitch and S&P Global this year downgraded Singtel, citing weak growth prospects and the potential need for higher capital expenditure.
HOOQ Digital, a video streaming service majority owned by Singtel, last month said it was filing for liquidation while Singtel has said there was no certainty over a mooted A$2 billion sale of Australian telecom towers.
(Reporting by John Geddie; Editing by David Goodman)
