Globe firms up ECA backed loan

Globe Telecom utilizes export credit agency (ECA) backing for syndicated loan to make attractive to banks in a highly priced local market.
March 01, 2001
A Citibank arranged US$200 million syndicated loan for Phillipine's largest digital phone provider, Globe Telecom will incorporate an export credit agency ECA backed tranche from Finland's Finnvera and Sweden's Exportkreditnamnden EKN.. The second tranche of the five and seven year deal will be placed into general syndication locally. Proceeds will be used to fund the expansion of the company's GSM network.

Company officials say that pricing will be difficult to compare with Globe's most recent deal last September when US$280 million was raised from a six-and-a-half year. This included a $145 million Finnvera tranche, a $38 million Efic tranche, a $41 million EKN tranche and...

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