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EBRD provided an €225 million corporate senior loan to Cosmote

Autor: Bancherul.ro
2013-08-19 14:44

EBRD Project summary document:

Project Description

The EBRD provided an €225 million corporate senior loan to Cosmote Romanian Mobile Telecommunications SA (“Cosmote Romania” or the “Company”), the third largest mobile telecommunications operator in Romania. The financing enables Cosmote Romania to renew existing spectrum, to acquire new spectrum and to satisfy part of its CAPEX requirements in Romania, including roll out of network to provide fourth generation (4G) services.
Transition Impact

The main transition impact of this operation stems from market expansion and greater competition in the project sector. By supporting the roll-out of new generation mobile technology (4G/LTE), the project will expand access to high speed broadband infrastructure in Romania where broadband penetration significantly lags behind the EU average (14.1 per cent vs. 40 per cent penetration for mobile broadband, and 15.2 per cent vs. 27.7 per cent for fixed broadband). The project will also ensure that the existing level of competition in 2G services is being extended to the 3G and new 4G market segment by supporting the third largest operator.

The Client

Cosmote Romania is the third largest mobile phone operator in Romania. With 6.3 million subscribers, the Company has a 24 per cent subscriber market share as of end of 2012.

Cosmote Romania is 70 per cent owned by Cosmote Mobile Telecommunications Greece SA (“Cosmote Mobile”), the mobile arm of Hellenic Telecommunications Organization (“OTE”). Deutsche Telekom AG holds shares and voting rights representing 40 per cent of OTE. The Romanian government indirectly owns 13.8 per cent of Cosmote Romania, through its 46% minority stake in Romtelecom.

EBRD Finance

The investment is a €225 million corporate senior loan to Cosmote Romania, consisting of an €75 million A loan and €150 million B loan syndicated to seven commercial banks.

Project Cost

€225 million.

Environmental Impact

Categorised B. The project is not associated with significant environmental and social impacts. The Company completed Environmental and Social and HR Due Diligence Questionnaires and review of these showed that the company has been certified against ISO14001 and OHSAS 18001 as well as having made public commitments to environmental and social sustainability. The Company is required to implement the project in accordance with Performance Requirements (PRs) and submit an annual environmental and social report to the Bank.

Technical Cooperation

None.

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