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Thu 5 Apr 2007 11:19 AM

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Oger to refinance Turk Telekom deal

UAE-based telco group Oger Telecom is refinancing its purchase of a 55% stake in Turkish operator Turk Telekom.

UAE-based telco group Oger Telecom is refinancing its purchase of a 55% stake in Turkish operator Turk Telekom.

The group, which paid US$6.55 billion for the stake in Turkey's largest operator two years ago, said last week it had secured US$3.7 billion refinancing of debt facilities associated with the purchase.

The loan, which Oger claimed was the largest acquisition financing in Turkish history, comprises a fully underwritten eight-year US$3.5 billion credit facility and a US$200million revolving facility.

As a result, Oger said it would make a final payment of US$4.31 billion to the Turkish Treasury Department, completing the financing for the acquisition of its stake in Turk Telekom four years ahead of schedule.

"The refinancing of the acquisition of 55% of Turk Telekom is very good news for Oger Telecom and ensures that the Group is now fully funded, smoothing the path towards an initial public offering (IPO)," commented Mohammed Hariri, chairman of Oger Telecom.

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