A banking consortium led by HBL has provided Jazz with a Rs. 50 billion syndicated credit facility. The company will use this 10-year facility to fund its continuing 4G network rollouts and technology upgrades.
In terms of size and duration, this is the first of its kind facility offered to the telecom sector. HBL, the consortium’s investment agent and mandated lead arranger, has fully subscribed to the facility.
United Bank Limited, National Bank of Pakistan, MCB Bank, Bank Alfalah, Allied Bank Limited, Askari Bank Limited, Bank of Punjab, Meezan Bank Limited, and Faysal Bank Limited are among the other institutions participating as mandated lead arrangers and advisors on this deal.
Jazz has over 69 million members and over 28 million 4G users nationally, making it the country’s top digital services provider. The corporation has spent USD 462 million on 4G infrastructure during the last two years.
Jazz’s long-term rating was recently upgraded to ‘AA’ with a stable outlook by Pakistan Credit Rating Agency Limited (PACRA), demonstrating the company’s excellent financial depth in the industry.
“By enhancing digital infrastructure, bridging the digital divide, and focusing on financial inclusion, we will continue to advance the digital Pakistan agenda. By investing in business, digital skills, and literacy, we are enabling societies.
This service is an important step in ensuring that people may harness the power of the internet regardless of their location, gender, or socioeconomic status. “A transaction of this magnitude demonstrates the financial community’s confidence in Jazz’s solid financial profile and leadership position in the telecom industry,” said Gabor Kocsis, Jazz’s Chief Financial Officer.
“We are happy to have led this major transaction in the Telecom sector,” said Muhammad Aurangzeb, President and CEO of HBL, in a statement.e promotion of digitalization across the country, while underscoring HBL’s commitment to stand by the robust and progressive telecom sector of Pakistan.”
source: ProPakistani
