Mobile operator Reliance Communications (RCom) has raised US$255m through external commercial borrowings to partly refinance payments for its 3G spectrum.
The facility is funded by a consortium of banks led by Australian and New Zealand Banking Group,…
Mobile operator Reliance Communications (RCom) has raised US$255m through external commercial borrowings to partly refinance payments for its 3G spectrum.
The facility is funded by a consortium of banks led by Australian and New Zealand Banking Group, BNP Paribas, Credit Agricole, DBS and Intesa.
TelecomFinance understands that the facility will have a maturity of at least five years.
“RCOM will benefit from extension of maturity, and substantial savings in interest costs from the facility,” the company said in a notice to the Bombay Stock Exchange.
The company also confirmed that RCom signed a US$1.93bn syndicated loan with China Development Bank (CDB) to refinance part of its debt, as previously reported by TelecomFinance.
The facility, which will reportedly have a maturity of ten years and will carry an interest of 5%, will mainly be used to refinance debts incurred to acquire 3G spectrum in 2010. The remaining US$600m will be used to buy Chinese telecoms equipment from Huawei and ZTE.