Incumbent Turk Telekom has signed a three-year US$100m loan agreement with RBS. The facility carries an interest rate of Libor +2.50%.
The loan comes shortly after the operator submitted a US$530m bid to buy 53% of local DTH firm Digiturk.
An…
Incumbent Turk Telekom has signed a three-year US$100m loan agreement with RBS. The facility carries an interest rate of Libor +2.50%.
The loan comes shortly after the operator submitted a US$530m bid to buy 53% of local DTH firm Digiturk.
An additional three to four other parties are reportedly interested in the company, including Turkish conglomerate Dogus Group, but Turk Telecom is the only group to have submitted a non-binding offer that values the entire group at around US$1bn.
The 53% stake is owned by Cukurova, a Turkish diversified holding company. However, it is under the control of the Savings Deposit Insurance Fund of Turkey after Cukurova missed certain payments.
Private equity firm Providence Equity Partners owns the remaining shares.
Since late March this year, Turk Telekom has raised approximately US$650m in three different loans, excluding today’s US$100m loan.
One of them, a US$150m nine-year loan, will be used to fund equipment purchases from Stockholm-based Ericsson.
