Singapore Telecommunications has secured loans worth $3 billion, Bloomberg reports. The new credit facility includes a $1.7 billion three year-term loan provided by a group of 12 banks, including Australia & New Zealand Banking Group, Bank of America, Bank of Tokyo Mitsubishi UFJ, Citigroup and DBS Group Holdings.

The remaining $1.3 billion also had the same maturity and was granted by another consortium of 12 lenders that included Barclays, BNP Paribas, Citibank, Commonwealth Bank of Australia, HSBC and JP Morgan Chase. The telecom company seeks to use the proceeds to fund its operations and to refinance existing debt.

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