Turkish Network Cleared for Iran Telecoms Bid

Turkcell says that it has secured a syndicated Murabaha facility of US$100 million from a consortium arranged by the Islamic Development Bank and HSBC. The facility is to support the purchase of equipment required by Turkcell for its continuing program of upgrading and maintaining it's GSM service.

This medium-term facility, with a tenure of 24 months, was initially launched as a general syndication of US$75 million. The market support for the transaction was very strong and over US$110 million was committed by the banks. This strong response made it possible for the facility to be increased to a total of US$100 million. The Islamic Development Bank and HSBC Bank A.S. will each contribute US$20 million to the syndication through independent financing facilities, which are coordinated by an agreement providing one seamless facility.

Turkcell also says that, the Irancell consortium led by Turkcell has qualified, after the preliminary evaluation stage, to bid for Iran's mobile license tender. Turkcell continues to evaluate the tender and has not yet made a final decision regarding its participation."

Posted to the site on 19th January 2004