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Citycell hires firms to refinance debtPublished on 16.05.2013

Citycell, Bangladesh's oldest CDMA network is looking to refinance its US$150m debt in foreignloans. The company has mandated RSA Capital in Bangladesh and Eminova Capital in Singapore toevaluate its bond and debt structures. It is also trying to raise US$52m separately to expand its GSM

network, TMT Finance has learned.

Citycell is jointly owned by Singtel (45%) and Pacific Group and Far East Telecom which collectivelyhold 55%. The telco has more than 50% of the country's data market but wants to enter the voicemarket with GSM services at a project cost of US$100m, said a source. "The company is looking atbuying long-term bonds with a loan structure of approximately 4% interest," said the source.

Last month, the government allowed Airtel and Citycell to borrow up to US$235m in overseas debtas both companies sought to use the money for their network expansion plans. "Citycell is lookingforward to the 3G spectrum auction as it wants to upgrade its services. The base price for the

spectrum is likely to cost the telco US$130m," said the source.

The Bangladesh Telecommunication Regulatory Commission (BTRC) has delayed the auction dateto 31 July from June 24 at a meeting of the commission as it could not appoint a consultant formanaging the auction.

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