PTCL secures USD 400mn loan for Telenor Pakistan and Orion Towers acquisition

PTC - Material Information
Posted by: Aamir Hayat 0

PTCL secures USD 400mn loan for Telenor Pakistan and Orion Towers acquisition

In a notification sent to PSX on 28/06/2024, Pakistan Telecommunication Company Ltd (PTC) has announced that the PTCL signed a financing deal with IFC, SRF, and BII for Telenor Pakistan and Orion Towers acquisition.

We hereby convey the following information: Further to our letter dated April 08, 2024, whereby it was notified that the Board of Directors of International Finance Corporation (IFC) has approved the debt financing up to USD 400 million to PTCL for acquisition of TPL, and that the finalization of workstreams to sign financing agreements with IFC is underway and expected to be completed on or before 31st July, 2024. It was also shared that the details of the debt financing shall be disclosed upon the finalization of financing agreements.

PTCL has entered into seven (7) years with one year grace period financing agreements with International Finance Corporation (IFC) led consortium which includes Silk Road Fund (SRF) and British International Investment (BII) on 27th June, 2024 for the purposes of financing the acquisition of
Telenor Pakistan and Orion Towers (Private) Limited. The loan up to USD 400 Million is to be paid in quarterly instalments from second anniversary of the loan. The disbursement of financing thereunder shall occur following completion of conditions precedent specified in such financing agreements.

PTC shares were last trading at Rs 11.68 today.

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