A banking consortium led by HBL has provided Jazz with a Rs 50 billion syndicated credit line. According to a press release, the 10-year facility will be used to fund the company’s ongoing 4G network rollouts and technology upgrades.
In terms of size and duration, this is the first of its kind facility offered to the telecom sector. HBL, the consortium’s investment agent and mandated lead arranger, has fully subscribed to the facility.
United Bank Limited, National Bank of Pakistan, MCB Bank, Bank Alfalah, Allied Bank Limited, Askari Bank Limited, Bank of Punjab, Meezan Bank Limited, and Faysal Bank Limited are among the other institutions participating as mandated lead arrangers and advisors on this deal.
Jazz has more over 69 million subscribers and over 28 million 4G users in the United States. The corporation has spent $462 million on 4G infrastructure over the last two years.
Meanwhile, HBL has expanded its network to over 1,650 outlets in 14 countries, serving over 23 million consumers.
“By enhancing digital infrastructure, bridging the digital divide, and focusing on financial inclusion, we continue to drive the digital Pakistan agenda,” said Gabor Kocsis, Jazz’s Chief Financial Officer. “By investing in business, digital skills, and literacy, we are enabling society. This facility is a critical step in ensuring that people may access the power of the internet regardless of their location, gender, or socioeconomic status.”
HBL’s President and CEO, Muhammad Aurangzeb, commented, “We are ecstatic to have been a part of this historic telecom transaction. For HBL, such transactions assist the bank’s strategic aim of promoting digitalization throughout the country.”