The notes will constitute direct, unconditional, unsubordinated and (subject to Condition 5(a) (negative pledge) of the notes) unsecured obligations of the Issuer and will at all times rank equally with all other present and future unconditional, unsubordinated and unsecured obligations of the SATS Treasury.
The securities have no fixed maturities and may be issued by SATS Treasury in various amounts. They may also bear fixed or floating rates of distribution, and if provided in the applicable pricing supplement, may have distributions deferred at the option of SATS Treasury. Senior securities and subordinated securities will also rank equally with SATS Treasury’s direct, unconditional, unsecured and subordinated obligations.
The net proceeds from the issue of the instruments under the programme will be used to refinance existing borrowings. They may also be used to finance potential acquisitions and investment opportunities for the company.
Moody’s has assigned an A3 issuer rating and a baa3 baseline credit assessment (BCA) to SATS. The programme has been assigned a provisional (P)A3 rating. The provisional rating is only applicable to the issuance of senior unsecured notes from the programme. The outlook on all ratings is stable.
See also: Q&M issues letter of demand to Aoxin Q&M’s group CEO
DBS Bank and Oversea-Chinese Banking Corporation (OCBC) were the programme’s joint arrangers and dealers. OCBC acted as the sole rating advisor for the credit rating exercise.
Shares in SATS closed 2 cents lower or 0.73% down at $2.71 on Nov 17.
