Thuraya to raise $125m through syndicated loan

(Gulf News via NewsEdge) Thuraya Satellite Telecommunications has signed an agreement to raise $125 million through a syndicated loan facility.


Emirates Bank International, Commercial Bank of Dubai, Union National Bank and ING Bank are the lead arrangers and participating banks for the transaction, with Emirates Bank acting as the facility agent.


The syndicated facility, which has a five-year tenor, replaces a six-month bridge loan arranged in December 2006.


The company said the syndicated loan was a permanent loan solution that would repay the bridge loan.


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