M1 appoints ABN AMRO Bank to underwrite S$250 million syndicated term loan facility

date: April 10, 2002

Singapore's Mobile One (M1) has appointed ABN AMRO Bank as the lead arranger and underwriter for a syndicated fixed rate 5-year term loan facility of S$250 million to to finance its 3G operations.

This facility will enable M1 to take advantage of the current low interest rate environment. The funds raised will be used to finance M1’s operations and capital expenditure, including the initial phases of its WCDMA 3G network roll-out.

On April 2001, the three existing Singapore mobile network operators - SingTel, M1 and StarHub - were handed third-generation (3G) mobile licenses by the Singapore government . Since there were only three applications for 3G spectrum rights, an auction was unnecessary. Each carrier paid the reserve price of S$100 million (US$55.28 million) for the frequencies.

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