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Turk Telekom Shareholder Seeking $4.75 Billion Loan
Published on:
The majority shareholder in Turkey's Turk Telekom is seeking a US$4.75 billion in fresh loans to refinance existing debt and make a payment to its shareholders.
Ojer Telekomunikasyon owns a 55% majority stake in Turk Telekom, and is itself controlled by Saudi Oger, which is in turn 35% owned by Saudi Telecom.
The company, known as OTAS, is seeking a five-year $500 million term loan, an eight-year $3 billion facility and a $250 million credit line, sources told Bloomberg News, which matches information in other financial reports about the debt raising.
The fresh debt will be used in part to refinance a US$4.3 billion loan that was taken out in August 2007, and to make a payment, estimated at US$1.5 billion to its parent shareholder.
On the web: Bloomberg News
Tags: [turk telekom] [Turkey]
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