Telekom Srbija has secured a loan of €470 million, €320 million of which will be used for the acquisition of 20% of shares in the company owned by Greece’s OTE and the remaining €150 million for the refinancing of existing loans.
In a statement, the Serbian incumbent telco says that the loan, which has a maturity of three years, has been obtained from 19 domestic and international banks including Credit Agricole, Erste, Eurobank EFG, Commercial Bank Belgrade, Intesa Saopaulo, Raiffeisen and Bank of Vojvodina, in coordination with UniCredit.
The sale of the stake, which was first announced last month, should help bring down OTE’s debts, which are understood to be in the region of €750 million.
Deutsche Telekom-backed OTE has been a shareholder in Telekom Srbija since 1997.
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