Banglalink has signed an agreement with 17 renowned banks in the country to secure a five-year syndicated term loan of Tk1200 crore (approximately $135 million).
Eastern Bank Ltd supported Banglalink in this endeavour as the Mandated Lead Arranger, Book Runner and Agent of the loan, reads a press release.
Erik Aas, CEO of Banglalink signed the agreement on behalf of the organization with the top executives of the respective banks. Mohd Humayun Kabir, executive director, Bangladesh Bank attended the signing ceremony as the special guest along with Muhammad A Rumee Ali, a member of Banglalink’s board of directors.
Also present at the ceremony were Ali Reza Iftekhar, managing director and CEO, Eastern Bank Ltd, Cem Velipasaoglu, CFO, Banglalink, Taimur Rahman, chief corporate and regulatory affairs officer, Banglalink, and other senior officials of respective banks and Banglalink.
The funds borrowed under this loan agreement will be utilized in Banglalink’s capital expenditure, spectrum acquisition, and its 4G network modernization across the country.
Banglalink has recently increased its total spectrum holding to 80 MHz, which will underpin its position as the fastest 4G network in Bangladesh and its nationwide expansion drive.
It has declared its plan to establish more than 3,000 new base stations this year. Along with boosting network capacity, Banglalink has expanded its digital service portfolio in recent times by launching the country’s first digital health aggregator platform ‘Health Hub’, and a digital services marketplace ‘Applink’.
Erik Aas said: “The significant investment that we are set to make, is yet another testament to our firm commitment to the Bangladesh market. 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.”
Ali Reza Iftekhar said: “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.”
Cem Velipasaoglu commented: “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.”
Banglalink will remain committed to ensuring seamless connectivity and state-of-the-art digital facilities for its customers.
