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Entel Rolls Over Debt with Fresh Loan
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Chilean mobile network, Entel says that it has raised US$400 million as a loan from a consortium of international banks. The loan was granted in the local currency, reducing the company's exposure to currency fluctuations.
The loan will be used to repay existing loans that are maturing in 2013 in part and fund network expansion.
The company said in a statement that $340 million would go on debt repayments leaving $60 million for network upgrades.
The company has previously outlined plans to spend US$3 billion on networks upgrades by 2015.
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