SATS Establishes US$3B Multicurrency Debt Issuance Programme

Group Assigned Inaugural Investment Grade A3 Credit Rating by Moody’s

Singapore, 19 November 2023 – SATS Ltd., (“SATS” or the “Company” and its subsidiaries, the “Group”) a global leader in gateway services and Asia's pre-eminent provider of food solutions, today announced the establishment of its US$3 billion multicurrency debt issuance programme (the “Programme”).

The Programme is established to enhance the Group’s financial flexibility and broaden its investor base by providing access to funding markets beyond Singapore, where it is headquartered. The Issuer under the Programme is SATS Treasury Pte. Ltd., the Group's wholly-owned subsidiary, and the Programme is unconditionally and irrevocably guaranteed by the Company.

DBS Bank Ltd. (“DBS”) and Oversea-Chinese Banking Corporation Limited (“OCBC”) have been appointed as the joint arrangers and dealers for the Programme and OCBC acting as the sole credit rating advisor for the Group.

SATS has been assigned a first-time A3 issuer rating and a baa3 Baseline Credit Assessment by Moody’s Investors Service (“Moody’s”). The investment grade rating is substantiated by the Group’s established global presence, stable and diversified customer base and integral role in the provision of terminal services at Singapore’s Changi Airport – the world’s best airport. In tandem, Moody’s has also assigned a provisional (P)A3 rating to the Programme which exclusively applies to the issuance of senior unsecured notes from the Programme.

Said Manfred Seah, Chief Financial Officer, SATS Ltd., “The establishment of the multicurrency debt issuance programme and A3 rating mark a significant milestone in fortifying our commitment to strengthen our financial position in pursuit of sustainable growth. This initiative aligns with our key priority on restoring profitability to drive shareholder value with crucial access and financing flexibility to tap the global debt market.”