Banglalink has signed an agreement with 17 renowned banks in the country to secure a 5-year syndicated term loan of Tk 12,000 million, approximately US$135 million.
Eastern Bank Ltd supported Banglalink in this endeavour as the Mandated Lead Arranger, Book Runner & Agent of the loan, a press release said on Tuesday.
Banglalink Chief Executive Officer Erik Aas signed the agreement on behalf of the organisation with the top executives of the respective banks.
Bangladesh Bank Executive Director Mohd Humayun Kabir attended the signing ceremony as the special guest along with Banglalink’s Board of Directors member Muhammad A Rumee Ali.
“We are happy to have the country’s leading banks as our partners for our future growth. I am confident that our network expansion will accelerate our journey towards the target of double-digit growth and will make us more equipped to contribute towards the digital progress of Bangladesh,” said Erik Aas.
The funds borrowed under this loan agreement will be utilised in Banglalink’s capital expenditure, spectrum acquisition, and its 4G network modernisation across the country.
“EBL has been in the forefront of financing and facilitating the development of digital solutions in the country. I would like to express my thanks to all the participating lenders for their tremendous support in the timely closure of this deal,” Ali Reza Iftekhar said.
“This funding arrangement is a significant milestone for Banglalink as this will facilitate to unlock many opportunities for the company. We are pleased to see the commitment of Bangladesh’s leading banks towards Banglalink’s progress,” Cem Velipasaoglu remarked.
Eastern Bank Ltd Managing Director & CEO Ali Reza Iftekhar, Banglalink Chief Financial Officer Cem Velipasaoglu, Banglalink Chief Corporate & Regulatory Affairs Officer Taimur Rahman, and other senior officials of respective banks and Banglalink were also present at the signing event.
