Funding Live

Standard Chartered Bank said on Wednesday that it was the lead arranger to a US$ 86 mn seven-year syndicated loan facility to fund Mobitel (Pvt) Ltd.s expansion drive.
Eight local banks participated in the US dollar/Sri Lanka rupee syndication, while the Swedish Export Credit Agency, or EKN, had given it “partial support”.rn

rnThe syndication partners included the Bank of Ceylon, DFCC Bank, Hatton National Bank, National Development Bank, National Savings Bank, Peoples Bank, Sampath Bank and Seylan Bank. rn

rnThe transaction is the single largest debt raised by a Sri Lankan Corporate todate.rn

rnMobitel, which is 100 percent owned by Sri Lanka Telecom, is in the process of deploying a state-of-the-art GSM network using EDGE technology. The cellular operator aims to be the largest mobile telecommunications operator in Sri Lanka by 2010. rn

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-LBO Newsdesk: LBOEmail@vanguardlanka.comrn