Vimpelcom, the telco that is the majority shareholder of Egyptian Orascom Telecom Holding (OTH), has entered into an agreement for a five-year USD$2.5bn uncommitted credit facility agreement to Orascom.
A spokesperson for Vimpelcom said that the loan…
Vimpelcom, the telco that is the majority shareholder of Egyptian Orascom Telecom Holding (OTH), has entered into an agreement for a five-year USD$2.5bn uncommitted credit facility agreement to Orascom.
A spokesperson for Vimpelcom said that the loan was approved by shareholders of the borrower on 3 May.
“Advances under this facility, which will be drawn from time to time based on the business development needs of OTH agreed with VimpelCom, will bear an interest rate of 12.5% and accrued interest will be paid in kind (payable by automatic addition to the principal balance),” the spokesperson said.
