By P.R. Venkat

Singapore Telecommunications Ltd.'s Australian unit is planning to raise 850 million Australian dollars (US$584 million) through issuance of two senior notes.

Optus Pty Ltd. will raise A$350 million through issuance of 5-year notes carrying a 1.60% annual coupon, Singtel said Thursday.

Another A$500 million will be raised via issuance of 10-year notes paying an annual coupon of 2.50%.

Proceeds from the notes sale would be used for meeting general corporate needs, Singtel said.

Australia and New Zealand Banking Group Ltd., Commonwealth Bank of Australia and Westpac Banking Corp. are among the banks advising on the note offering.

Write to P.R. Venkat at venkat.pr@wsj.com