Cairo – Mubasher: Global Telecom Holding (GTH) on Sunday announced an amendment agreement through which it extends its existing $200 million unsecured short-term loan with Citi and ING Bank.
Under the amendment, GTH has extended its loan from 15 December 2017 until 15 June 2018, according to a filing to the Egyptian Exchange (EGX).
Loan interest will remain at LIBOR plus 5.00% per annum, the company added, noting that the loan will continue to be guaranteed by two of the company’s wholly-owned subsidiaries, namely International Wireless Communications Pakistan Limited and Telecom Ventures Limited.
GTH expects VEON Holdings B.V. “to provide guarantee support to Citi and ING in relation to [GTH’s] obligations under the amendment agreement,” according to the statement.
Signed earlier this year, the loan agreement will allow GTH to finance its treasury shares repurchase programme.
VEON Holdings B.V., previously known as VimpelCom, is the majority shareholder in GTH with a 57.7% stake.
