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ESCOTEL REFINANCES RS 5.25 BILLION DOMESTIC DEBT, RESTRUCTURES OFFSHORE LOANS OF USD 75 MILLION

  • Monday, March 26, 2001 5:51PM IST (12:21PM GMT)
Move will reduce interest liability, exchange risk and benefit bottom line
 
New Delhi, Delhi, India: Escotel, one of the leading cellular operators in the country and the largest cellular service provider for UP (West), Haryana and Kerala, today announced the execution of the financial documents in respect of its long term rupee debt facilities aggregating Rs 5.25 billion. ICICI was the lead arranger for the entire rupee debt. It has also announced the restructuring of its offshore debt of USD 75 million from External Commercial Agencies and commercial lenders, under which Escotel has got an extension to the moratorium period by two years. Besides it also provides a ballooning amortization for the repayment. The financial covenants have also been eased to provide better operational freedom. The restructuring will lower the exchange risk for the dollar component of the debt. To further minimize the risk the company has also hedged 70 per cent of the offshore facility.


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