Thailand’s True Corporation has signed a Bt73bn (US$2bn) letter of guarantee facility agreement with six banks to help fund the 900 MHz licence it acquired in the 4G spectrum auction that concluded last December.
Thailand’s True Corporation (BKK:TRUE) has signed a Bt73bn (US$2bn) letter of guarantee facility agreement with six banks to help fund the 900 MHz licence it acquired in the 4G spectrum auction that concluded last December.
The Industrial and Commercial Bank of China, Siam Commercial Bank, Bangkok Bank, Kasikornbank, Krungthai Bankand Kiatnakin Bank are providing the letters of guarantee, True said in a stock exchange filing. The deal is being carried out via subsidiary True Move H Universal Communication.
The Industrial and Commercial Bank of China is reportedly issuing a guarantee worth Bt35bn (US$1bn), nearly half of the total amount.
The letters will be submitted to the National Broadcasting and Telecommunications Commission to guarantee full and timely payment of the second, third and fourth instalments of the fee for the 900 MHz spectrum licence, the company said.
Last November, True secured an 1,800 MHz spectrum licence for Bt40bn (US$1.1bn).
True Move is Thailand’s third largest mobile operator behind AIS and Dtac. According to the GSMA, True has 1.7 million 4G subscribers.
