Banglalink gets Tk 1,200cr syndication loan from 17 banks

Eastern Bank Limited (EBL) as the mandated lead arranger has successfully raised Tk 1,200 crore in the form of a Syndicated Term Loan Facility for Banglalink Digital Communications Limited, one of the leading telecom operators in Bangladesh.

Seventeen banks took part in the landmark syndication, EBL said in a statement after signing the deal at The Westin, Dhaka on Tuesday. Mohd Humayun Kabir, executive director of Bangladesh Bank, attended the occasion as a special guest.

The loan facility will be utilised by Banglalink for meeting up its capital expenditure, spectrum acquisition and 4G network modernisations.

“The significant investment that we are set to make, is yet another testament to our firm commitment to the Bangladesh market. We are happy to have the country’s leading banks as our partners for our future growth,” said Erik Aas, chief executive officer of Banglalink.

He said, “I am confident that our network expansion will accelerate our journey towards the target of double-digit growth and will make us more equipped to contribute towards the digital progress of Bangladesh”.

Ali Reza Iftekhar, managing director and CEO of EBL, said his bank has been at the forefront of financing and facilitating the development of digital solutions in the country.

“I would like to express my thanks to all the participating lenders for their tremendous support in the timely closure of this deal“, said Iftekhar.

He also said the syndication deal underscores the strength of Banglalink’s creditworthiness and goodwill among the financial community.

The other participating banks are BRAC Bank, Bank Asia, The City Bank, Commercial Bank of Ceylon PLC, Dhaka Bank, Dutch-Bangla Bank, Habib Bank, Jamuna Bank, Meghna Bank, NCC Bank, Mutual Trust Bank, ONE Bank, Prime Bank, Trust Bank, Mercantile Bank and United Commercial Bank.