BTEL has obtained US$300m RMB-denominated loan from Industrial and Commercial Bank of China . This loan will be spent on capex with the focus on network coverage expansion. BTEL aims to improve the quality of its voice and data services yet maintaining the affordability of its services for the customer.
This US$300m loan is the second loan that BTEL has obtained this year from an international creditor. In April 2010, BTEL obtained US$250m by issuing 11.5% guaranteed senior notes due in 2015. BTEL has spent US$175m from the notes to pay its debt, US$14m to fund its interest reserve accounts, and the rest on capex with the focus on wireless broadband network.
The aggressive capex is due to BTEL’s focus on market penetration in a very competitive domestic telecommunication industry. BTEL is targeting 14m subscribers by the end of this year.
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