Turk Telekom’s mobile unit Avea has secured a two-tranche US$400m club loan.
The loan has a US dollar and a euro tranche and five-year maturity with a two-year grace period, the Turkish incumbent said in a brief regulatory filing.
The interest rate…
Turk Telekom’s mobile unit Avea has secured a two-tranche US$400m club loan.
The loan has a US dollar and a euro tranche and five-year maturity with a two-year grace period, the Turkish incumbent said in a brief regulatory filing.
The interest rate is 2.6% over the six-month Libor/Euribor rate.
Turk Telekom was not immediately available for further comment on the loan, for which it is acting as guarantor.
The Istanbul-listed telco has an 89.99% stake in GSM operator Avea, while Turkiye Is Basanki owns the remaining 10.01% of shares. Turk Telekom’s ultimate parent is Saudi Arabia-based conglomerate Saudi Oger.
Avea is the smallest of Turkey’s three mobile network operators with 15.8 million subscribers as of Q2 2014. The two largest players are Turkcell and Vodafone.
