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Wataniya Palestine Mobile Telecommunications WATANIYA signed a syndicated loan agreement worth $125 million

2012-07-10

Wataniya Palestine Mobile Telecommunications WATANIYA signed a syndicated loan agreement worth $125 million. This loan is arranged by the International Finance Corporation IFC, contributing for $50 million, and most of the local and regional banks that are contributing in financing the current taken loan, will contribute in financing the new loan. The new loan has a higher value within better borrowing terms in order to finance the network in Gaza Strip and expand the existing network in the West Bank, along with refinancing the existing loan.  The new loan’s term is 7 years. Interest rate for all lenders is 5% annual rate plus the quarterly “LIBOR” rate. The loan is divided into three parts regarding the loan’s purposes. The first part worth $75 million’s purpose is to refinance the current loan and expand the existing network in the West Bank, while the second part worth $40 million’s purpose is to finance the requirements to enter Gaza Strip and the last part worth $10 million’s purpose is to contribute in financing the construction of the 3^rd generation network (3G). Regarding the new loan’s guarantees, they don’t differ from the current taken loan’s.