Hong Kong-based backhaul operator Citic Telecom has signed a US$540m term loan facility agreement with a group of banks to refinance some of its outstanding debt.
The facility is split between a US$216m tranche, which will mature in December 2016, and a…
Hong Kong-based backhaul operator Citic Telecom has signed a US$540m term loan facility agreement with a group of banks to refinance some of its outstanding debt.
The facility is split between a US$216m tranche, which will mature in December 2016, and a US$324m tranche repayable in four instalments, the latest of which will mature in December 2018.
The names of the banks have not been disclosed and Citic was not immediately available for comment.
Proceeds will go towards repaying a US$630m loan used to finance Citic’s acquisition of a 79% stake in Macanese incumbent Companhia de Telecomunicacoes de Macau (CTM) for US$1.16bn earlier this year.
ANZ, Bank of China, Bank of Tokyo-Mitsubishi, DBS, ING, Mizuho, Standard Chartered and SMBC worked as mandated lead arrangers and bookrunners on the US$630m facility.
Citic Bank – a subsidiary of the Citic Group along with Citi Telecom – agreed to provide US$20m out of the US$630m.
Citic Telecom also issued US$450m 12-year bonds and raised US$235.2m in a rights issue to pay for CTM.
