Mobile operator Celltel Lanka signed up for a US$ 21 mn syndicated loan to deploy its network islandwide by August.
Under the fifth phase, Celltels GSM network will add 85 new coverage sites and increase present coverage by 250 percent.rn
rnldblquote We will have coast to coast coverage, with capacity to add a new switching system to connect 200,000 new subscribers,
dblquote its Chief Executive, Dumindra Ratnayaka told a news conference on Friday.rn
rnThe four-year loan is co-financed by Hatton National Bank (who acts as the lead arranger) and National Savings Bank.rn
rnUnder the new funding arrangement, Celltels existing US$ 21 mn debts will be re-packaged and serviced at a lower rate, while the cellular operator itself will chip in with internally generated cashflows. rn
rnThe loan carries a two-year grace period and the financiers are presently working out a guarantee from a multilateral lending agency, before finalising the pricing of the issue. rn
rnIn addition to the loan, Celltels par