On 11.08.10, In Mobile, By Editor
Cambodia’s Mobitel has signed a deal with Chinese banks to refinance US$591 million of debt, which will enable, The Royal Group, the parent company to refinance a US$421 million loan used to buy out a majority stake in Mobitel from Millicom International last year. The Bank of China acted as the main lender.
According to Mark Hanna, chief financial officer for The Royal Group, the new loan deal was much longer term than the previous arrangement with ANZ, Standard Bank and Leopard Capital, among others. Securing refinancing some six months before the loan was due meant international banks would gain confidence in lending large amounts to firms in the Kingdom. The newly acquired financing would be put towards refinancing debt and funding Mobitel’s costs for capital expansion.
The company has also signed a five-year network expansion contract with Huawei, worth US$500 million.
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