SLT raises US $ 100mn to upgrade infrastructure

28 February 2014 09:20 am Views - 7641

Sri Lanka Telecom PLC, the leader in fixed telephone services in the country has raised US $ 100 million five- year term loan facility with the support of HSBC and Sampath Bank.

HSBC acted as lead arranger and together with Sampath Bank participated in raising this loan. The loan was obtained to upgrade SLT’s telecom infrastructure.

“This further demonstrates HSBC’s capability in structuring and arranging deals of this nature. SLT is a key name in the country and for HSBC Sri Lanka as well, and we hope this will further strengthen our relationship and steer SLT towards achieving their development objectives for the benefit of the country,” HSBC Sri Lanka CEO Patrick J. Gallagher said.

He further noted that the deal stands testimony to HSBC Sri Lanka’s strong track record and capabilities in syndicated debt financing and corporate banking capabilities.

“It also reaffirms HSBC’s continued commitment to the development of the local telecommunication industry.”

Sampath Bank Managing Director Aravinda Perera said, “We have always been an active partner with SLT, providing an internet payment gateway and solutions to SLT’s client base, conveniences via banking channels harnessing Sampath’s edge in technology. Also Sampath Bank has over the years been a partner in syndicated financing for the SLT Group.”

 “We are sure that this financing deal will further strengthen our relationship with SLT and contribute our share to the nations’ stride towards development through them,” he added.

“ICT infrastructure is the backbone of any country, empowering and facilitating all other industries and businesses to function at their best. This is the highest amount raised through a foreign currency loan by SLT so far and is reflective of our commitment and plans to undertake sustainable investments during this year, to support our country’s fast track development and vision to achieve a smart Sri Lanka, through an enhanced ICT infrastructure,” SLT Group CEO Lalith De Silva commented.