Singapore M1 Seeks Bids To Arrange S$500M Debt -Bk Source
January 14, 2002
Dow Jones Newswires
SINGAPORE -- Singapore's second-largest mobile phone operator, MobileOne Asia Pte. Ltd., or M1, is seeking bids from banks to arrange a proposed S$500 million (US$=S$1.8307) debt to refinance existing debt and fund a third-generation mobile network, a foreign bank source told Dow Jones Newswires Tuesday.
The Singapore-based foreign bank has submitted its bid to M1 recently and is awaiting a final decision from its client, the source also said, adding that she believes other Singapore-based banks are also in the running for the deal.
According to domestic media reports earlier Tuesday, the bidders include: ABN AMRO, Citibank/Salomon Smith Barney, DBS Group Holdings Ltd. (P.DBS), HSBC Bank, Oversea-Chinese Banking Corp. (P.OCB), and Standard Chartered Bank.
The source, whose bank is also in the abovementioned list, said M1's proposed S$500 million debt sum is "indicative" and "could change at the last minute."
The source also added it remains unclear when exactly M1's tender will close, as the mobile operator "isn't very explicit about" the timeframe.
MobileOne is 35% owned by Singapore Press Holdings Ltd. (P.SPH) and 35% owned by Keppel Telecommunications and Transportation Ltd. (P.KTT). The remaining 30% is held by Great Eastern Telecommunications Ltd., a joint venture between Cable & Wireless PLC (CWP) and Pacific Century CyberWorks Ltd. (H.PCW).
A spokesman from M1 said, "We are in contact with banks all the time to review our financing arrangements."
"It would be inappropriate for me to comment on any specific negotiations," he added.
However, he acknowledged that M1 needs fresh funding for its 3G mobile network rollout, but added that the company hasn't decided how it will raise the funds.
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