SINGAPORE: SingTel has announced agreements with banks in Australia and Singapore for credit facilities of S$1.075 billion. These will be used to refinance existing facilities and for general working capital for SingTel.

The telco signed an agreement for a five-year facility of S$350 million with Singapore banks OCBC and DBS, along with The Bank of Tokyo-Mitsubishi UJF.

The agreement was signed through its wholly owned subsidiary SingTel Group Treasury and the facility will mature in November 2013.

SingTel's Australian arm Optus, through its Optus Finance unit, signed an agreement for a 725 million Australian dollar syndicated revolving credit facility with five leading institutions.

The banks include Australia & New Zealand Banking Group, The Bank of Tokyo-Mitshubishi UFJ, Citibank N.A., Commonwealth Bank of Australia and Westpac Banking Corporation.

The Australian facility will expire in April 2012.

SingTel said the support from the banks demonstrates continued confidence in the group.

SingTel does not expect the transaction to have a material impact on its earnings per share or net assets for the current financial year. - CNA/vm