SATS (SGX:S58) has updated its $3 billion guaranteed multicurrency debt program to add its wholly owned subsidiary, SATS Investments (III) (SIPL III), as an additional issuer, according to a Wednesday filing with the Singapore Exchange.
Under the updated program, both SATS Treasury and SIPL III are authorized to issue notes and perpetual securities in various currencies. All securities will be backed by an unconditional guarantee from SATS.
DBS Bank and Oversea-Chinese Banking Corp. will continue serving as joint arrangers and dealers of the updated program.
The airport services provider said the net proceeds will be used to refinance existing borrowings, fund potential acquisition and investment opportunities, cover working capital and capital expenditure requirements and other general corporate purposes.
