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Message: <blockquote data-quote="saraprobe" data-source="post: 3014248" data-attributes="member: 13914">HSBC has announced the successful arrangement of a US$45million, Chinese Export Credit Agency (ECA) – Sinosure backed loan facility to Mobitel Limited. This is the first time that a transaction has been supported by Sinosure for a local corporate. The loan facility is a landmark transaction in corporate debt raising and was closed in record time.Huawei and Mobitel jointly selected HSBC as the arranger for the Buyer-Financing-Facility, partly in support of Mobitel’s GSM stage IV expansion project that is being executed by Huawei Technologies Limited.  HSBC will act as the mandated arranger, facility lender, agent and the Export Credit Agency agent. HSBC was selected as the sole arranger of this financing package based on the Bank’s strong capabilities in arranging the Sinosure-backed export credit facilities. Furthermore, HSBC’s strong network and previous experience with Sinosure ensured that the transaction would be closed in record time.Commenting on the landmark deal, Chief Executive Officer, HSBC Sri Lanka and Maldives Nick A. Nicolaou, said, “Mobitel is a considerable force in the telecommunication industry in Sri Lanka, and has been instrumental in providing telecommunication solutions to a wide audience, both urban and rural. We feel this partnership will enable Mobitel, the second largest mobile service provider, to offer advanced technological solutions to its growing customer base in Sri Lanka. In this instance, we are proud to contribute to their growth by arranging this loan facility.” The facility will be used to finance a major portion of the current expansion carried out by Huawei Technologies Limited, China and Mobitel Limited, Sri Lanka’s second largest mobile operator. The financing package will be delivered as a term loan with the participating lenders being HSBC, and Credit Suisse.Mobitel hopes to add an additional network capacity of one million subscribers with this current expansion which will contribute towards extending the company’s network coverage to rural areas outside of greater Colombo. The distribution of the planned capacity expansion is equally split between 2.5G and 3.5G, thereby enabling growth in Mobitel’s 3.5G network coverage and enhancement in network quality.Mrs. Leisha De Silva Chandrasena, Chairperson of Sri Lanka Telecom and Mobitel Limited said, “Our 3.5G services include features such as high speed internet, mobile TV, video-calling and streaming etc”. Commenting on the partnership with HSBC Chandrasena said that “we are proud to be associated with HSBC as the lead arranger. With its strong local and foreign currency lending capabilities and an extensive global network, HSBC is well poised to provide capital and/or trade financing in Sri Lanka and we are very comfortable, working with HSBC as our strategic partner in this project”.The deal stands testimony to HSBC Sri Lanka’s strong track record across the region and capabilities in syndicated debt financing and corporate banking capabilities. It also reaffirms HSBC’s resourcefulness, and local associations as well as the Bank’s continued commitment to the development of the local telecommunication industry via innovative financing solutions.HSBC has arranged ECA facilities for corporate and public sector clients totaling US$ 500 million with several Export Credit Agencies around the world over the past 18 months, making HSBC the leading financial institution in delivering export credit financing in Sri Lanka.<a href="http://www.dailymirror.lk/DM_BLOG/Sections/frmNewsDetailView.aspx?ARTID=27304" target="_blank">DM</a></blockquote>

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