True wins Bt49 bn loans
True Group has signed a credit facilities agreement worth Bt48.9 billion with four banks, to finance True Mobile Business Group's wireless business expansion, debt refinancing and working capital.
With Siam Commercial Bank, and Krung Thai Bank as lead arrangers, the other two banks are United Overseas Bank (Thai) (UOB) and Export-Import Bank of Thailand (EXIM).
The credit facilities consist of term loan facilities of up to 10 years and of revolving working capital facilities where a part will be used to refinance existing debt.
SCB President Kannikar Chalitaporn said that the bank is more than ready to provide every support to True Group to help it achieve its long-term strategy of being Thailand's convergence lifestyle leader.
The financial support covers a full suite of financial services, starting with providing financial consultation for True's wireless business in terms of appropriate business and financial structuring to enable True Group to remain competitive on an optimal scale.
"The long-term funding for 3G technology investment will definitely strengthen the Group's potential to provide HSPA 3G services. The new technology will bring Thailand to the full level of wireless broadband technology, which will benefit consumers and True Group's convergence strategies," Kannikar said.
Suphachai Chearavanont, president & CEO of True Group, thanked the four banks for their confidence.
"This is an important opportunity for True Group's investment in its wireless business to increase network capacity and coverage, maximising benefits for the Thai people so they can equally access knowledge and information."
