Carlos Slim’s America Movil will receive US$125m in financing from Export Development Canada (EDC) as part of a larger US$2.5bn lending facility.
The Mexico-based telco will use the proceeds for general corporate purposes, the Canadian trade finance…
Carlos Slim’s America Movil will receive US$125m in financing from Export Development Canada (EDC) as part of a larger US$2.5bn lending facility.
The Mexico-based telco will use the proceeds for general corporate purposes, the Canadian trade finance agency said in a statement today, adding that there could be opportunities for Canadian telecoms companies in terms of network upgrades and expansions in coming years.
“America Movil is a very dynamic telecom company and we believe that up to 30 Canadian companies in this sector are already well-positioned to capitalise on their evolving supply chain needs,” Carl Burlock, EDC senior vice president for financing and investments, said.
Mexico is a strategic market for Canada and one of corporate priority for the EDC, the agency said. As such, the EDC wants to increase the funding it offers to Mexican companies, either for general corporate or project finance purposes.
America Movil posted revenues for the third quarter of Ps221bn (US$16.17bn), up 4% year-on-year. EBITDA for the period remained roughly flat at Ps69.2bn (US$5.06bn) and net debt stood at Ps490.6bn (US$35.9bn), representing a net debt to EBITDA ratio of 1.63 times.
The telco has operations in North, Central and South America as well as the Caribbean and Europe. However, it is not present in Canada.
