Dhaka, Bangladesh (BBN) – Securities and Exchange Commission (SEC), the country’s capital market watchdog, have recently approved a BDT 4.25 billion bond issuance by Banglalink, a leading mobile telecom operator in Bangladesh.
“We’ve given approval to the mobile telecom operator for issuing the bond to raise the funds for expansion of its function in the country,” a senior official of the SEC told BBN in Dhaka on Wednesday.
The secured Banglalink Bonds will be guaranteed by its parent company Orascom Telecom Holding S.A.E. and Orascom Telecom Ventures Ltd.
The bonds will be amortizing and have a tenor of 4.5 years. The coupon rate has been fixed at 13.5 percent annually. Banglalink will use the fund for expansion of its network and general purposes.
Each bond will be for BDT 10 million and will be private placed amongst institutions like banks, insurance companies, non-banking financial institutions in Bangladesh.
U.S. banking giant Citibank, N.A’s Dhaka office is the placement agent and lead arranger for raising the funds.
BBN/SS/SI/AD-02December09-7:59 pm (BST)