SingTel subsidiary brings syndicated loan to market

Citibank arranges $700 million deal for C2C, the entity building a 17,000 km broadband pipeline across Asia.

In the past week, Citibank along with three joint coordinating arrangers ù Sumitomo Bank, Bayerische Landesbank and China's ICBC ù have been selling a $700 million project financing for SingTel spin-off, C2C.

C2C was formed in July 2000 to develop a 17,000-kilometer undersea cable network to provide a city-to-city broadband Internet service linking China, Hong Kong, Korea, Japan, the Philippines and Taiwan. Construction of the project is due to be completed by the end of this year and the $700 million loan will go towards paying off the total cost of around $2 billion.

Aside from the loan, the cost of the project will be covered by $500 million injected by SingTel, which...

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