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Thu 25 Jan 2007 11:25 AM

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Oger loan for Turk purchase

Oger Telecom is this month expected to sign a US$4.3 billion loan to finance its acquisition of Turk Telecom.

Oger Telecom is this month expected to sign a US$4.3 billion loan to finance its acquisition of Turk Telecom.

In an interview with Zawya Dow Jones recently, Oger Telecom CEO Paul Doany revealed that the company was just weeks away from inking an agreement on the loan.

Dubai-based Oger, part of the Saudi Oger Group, which is controlled by the family of the late Lebanese prime minister Rafiq Hariri, has mandated ABN Amro, Citigroup, BNP Paribas, Caylon Bank and Fortis Bank for the debt facility, according to newspaper reports.

In partnership with Telecom Italia, Oger won a US$6.55 billion bid for the 55% stake in the Turkish operator in 2005.

The company paid 20% of the total at that time and agreed to pay the rest of the sum in equal instalments over a five-year period.

Saudi Oger Group owns 60% of Oger Telecom, while Telecom Italia has a 10% stake in the company.

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