SINGAPORE - SIngtel closed the order book for its US$750 million of 10-year notes after the issue was 3.6 times oversubscribed by investors, and receiving interest of approximately US$2.7 billion, the telecommunications group said on Wednesday (Aug 21).

The notes, issued by unit Singtel Group Treasury (SGT), will carry a coupon of 2.375 per cent per annum and mature in 2029. The notes are drawn down under SGT's S$10 billion Euro Medium Term Note Programme guaranteed by Singtel.

The group added that the notes had attracted "strong demand" from a wide range of high quality investors. Net proceeds from the issue will be used by SGT to fund Singtel's ordinary course of business.

Singtel said the issue is part of its long-term financing strategy and extends Singtel group's debt maturity profile. Singtel group encompasses Singtel and its subsidiaries.

Lim Cheng Cheng, Singtel group chief financial officer, said: "We are pleased with the very strong demand for our notes which underscores investors' continued confidence in the Singtel group's high credit quality. We thank investors for their support."

The notes are rated A1 by Moody's Investors Service, and A+ by S&P Global Ratings. These are in line with Singtel's current credit ratings, the group added.

Citigroup Global Markets Singapore, HSBC and Standard Chartered Bank (Singapore) were the joint lead managers and bookrunners for the issue.

Singtel shares closed at $3.22 on Tuesday, up three cents or 0.94 per cent.