Singtel’s Australian finance subsidiary Optus Finance secured an AUD2 billion ($1.2 billion) committed revolving credit facility with 12 banks, backing pitched as validation of the group’s current performance and future strategy.
Optus Finance will put the funding to use in refinancing existing credit facilities, along with committing some to more general corporate needs.
Singtel CFO Arthur Lang expressed gratitude to the banks and satisfaction at securing their backing.
“This demonstrates their commitment in the group’s improving operating performance,” Lang said.
The CFO noted the backing is a measure of confidence in the group’s Singtel28 growth plan, which targets improved performance by optimising core businesses, improving capital management and delivering solid dividends.
Lang added the finance deal also demonstrates the banks’ confidence in the company’s “business fundamentals and credit quality”.
The credit facility is guaranteed by the parent company and some of its other subsidiaries.
Among the 12 banks participating are HSBC, Australia and New Zealand Banking Group, Bank of China, Citibank and Mizuho Bank.
The post Optus Finance seals big credit deal appeared first on Mobile World Live.
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