At the beginning of July, Mobil Rom concluded the second agreement for a syndicated loan, without governmental collateral. The loan is worth 35 million dollars and is aimed at financing the technical and commercial expansion of GSM Dialog network.
The agreement was signed with International Finance Corporation (IFC), a World Bank division, and a banking group that includes ING Barings and Societe Generale. “This is the second loan obtained by Mobil Rom from IFC and a banking group. We may say that, due to its success on the Romanian mobile telephony market, Mobil Rom is determined to continue the development policy, so as to cover the entire territory of Romania,” company chairman Bernard Moscheni said.
Mobil Rom also obtained a loan back in April 1998. At that time, IFC, ING Barings and Societe Generale granted Mobil Rom a syndicated loan worth 210 million dollars, which was one of the most important credits granted to a private company from Romania. The financial terms enforced by IFC now are identical to the conditions levied for the loan granted in 1998, with variable interest rate plus an interest margin calculated in accordance with Mobil Rom’s financial results.
Mobile telephony network Dialog covers the largest GSM area in Romania: 72% of the territory, 258 towns and 55 resorts and important touristic sites, 12,500 km of roads, serving 92% of the country’s population. Dialog currently has more than 875,000 clients.
The company has a share capital of 189 million dollars. For this year, Mobil Rom estimates that turnover will exceed 250 million dollars.