Ojer Telekomunikasyon, the Saudi Oger-controlled majority shareholder in Turk Telekom, is reportedly seeking loans of US$4.75bn to help refinance existing debt.
News agencies cited unidentified sources close to the deal as saying the transaction…
Ojer Telekomunikasyon, the Saudi Oger-controlled majority shareholder in Turk Telekom, is reportedly seeking loans of US$4.75bn to help refinance existing debt.
News agencies cited unidentified sources close to the deal as saying the transaction includes three tranches totalling US$3.75bn and a two-year US$1bn bridge loan. Tranche A is a five-year US$500m facility, tranche B an eight-year US$3bn facility and tranche C an eight-year US$250m revolving credit facility.
Akbank and Turkiye Garanti Bankasi are providing the credit, Bloomberg reported, citing three people with knowledge of the deal.
The bookrunners for the transaction are Akbank, Turkiye Garanti Bankasi, BNP Paribas, Citigroup, Deutsche Bank and JP Morgan, the report stated.
Reuters cited bankers close to the deal as saying the proceeds will be used to refinance a US$4.3bn deal from 2007.
The new loans will reportedly also be used to pay a US$1.5bn dividend.
Ojer acquired a 55% stake in the incumbent Turkish telco in 2005 for US$6.55bn. The company secured a US$3.8bn loan facility in 2007 to help fund the deal and an extra US$11.35bn in 2011.
A spokesperson for Saudi Oger and Ojer was not able to respond to queries before deadline.
