BANCI | ENGLISH

EBRD provided an €225 million corporate senior loan to Cosmote

Autor:

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.

Taguri:

Comentarii

Adauga un comentariu

Adauga un comentariu folosind contul de Facebook

Alte stiri din categoria: ENGLISH

Neutral interest rate in Romania

The neutral nominal rate in Romania has been falling since the start of inflation targeting in 2005. The Taylor Rule clearly shows that interest rates peaked in 2022 and have been on a clear downward path ever since.Furthermore, the model estimates a long-term neutral nominal rate of around 3.9%, which is the equivalent of approx. 1.4% real.Using a more sophisticated model (i.e. New York FED’S HLW model), the real neutral interest rate in Romania is estimated currently at around 1.5% (1.7% 2023 average) and the historical mean at 1.2%.This implies a neutral nominal rate between 4.00% and 4.50%. In the past decade, the NBR real effective rate was below the neutral rate and only over the past year climbed above the neutral mark.Source: Erste Bank

Merger of Alpha Bank and UniCredit Bank Romania

Press Release:"Alpha Services and Holdings announces a strategic partnership with UniCredit in RomaniaMerger of Alpha Bank Romania and UniCredit Bank Romania and creation of third largest bank in Romania by... detalii

National Bank of Romania (NBR) Board decisions on monetary policy

NBR Board decisions on monetary policyIn its meeting of 4 April 2023, the Board of the National Bank of Romania decided:• to keep the monetary policy rate at 7.00 percent per annum;• to leave unchanged the lending (Lombard) facility rate at 8.00 percent per annum and the deposit facility rate at 6.00 percent per annum;• to keep the existing levels of minimum reserve requirement ratios on both leu- and foreign currency-denominated liabilities of credit institutions.The annual inflation rate went down to 15.52 percent in February 2023, from 16.37 percent in December 2022, relatively in line with forecasts. The decrease was mainly driven by the sizeable drop in the dynamics of fuel and electricity prices, under the impact of significant base effects and the change made to the energy price capping and compensation scheme starting 1... detalii

ING posts 2022 net result of €3,674 million, dividend of €0.389 per share

ING press release:ING posts FY2022 net result of €3,674 million,proposed final 2022 dividend of €0.389 per share 4Q2022 profit before tax of €1,711 million; CET1 ratio remains strong at 14.5%•Profit before tax up 29% on 4Q2021 and 24% on 3Q2022, mainly driven by higher income•Higher net interest income, as a further increase in liability margins helped offset TLTRO impact this quarter•Risk costs declined to 17 bps of average customer lending Full-year 2022 net result of €3,674 million, supported by growing customer base and increase in lending and deposits•On a full-year basis, our primary customer base grew by 585,000•Net core lending growth of €18 billion and net core deposits growth of €25 billion in 2022•Net result of €3,674 million in a challenging year; proposed final 2022 dividend of €0.389 per share CEO statement“Looking back, 2022 was... detalii