Grameenphone to raise BDT 4.25 billion through bonds

Dhaka, Bangladesh (BBN) – The Grameenphone (GP) Limited has signed agreements with ten institutions for raising BDT 4.25 billion from the local capital market through issuance of coupon bearing bonds on a private placement basis.

The country’s largest mobile phone operator will issue 425 bonds with a BDT 10 million denomination each. The bonds will be of two terms — 540 days and 720 days, the company said in a press statement on Sunday.

All the bonds will carry an interest rate of 14.5 per cent per annum. The bonds will be unsecured and non-convertible. The bonds will not be listed in any of the bourses but a free transferability structure will mean the instruments can easily be bought and sold over the counter.

The GP and the bonds have both been rated as “AAA” by the Credit Rating Agency of Bangladesh (CRAB), which is the highest credit rating given by CRAB. Citibank N.A. Bangladesh is the arranger and placement agent for the transaction.

BBN/SI/SSR/AD-10November08-10:00 AM (BST)

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