BBVA and Société Générale have joined forces to sign a US$375.8mn export credit agency-backed loan to Spanish telecommunications group Telefonica.
The 8.5-year loan is backed by FEC, a subsidiary of Finland’s ECA Finnvera.
This is the first time that the FEC and Société Générale have teamed up in this way.
“This is the first time Société Générale is benefitting from the FEC funding programme,” confirms Xavier-Marie Robert, managing director, head of multisource group in Société Générale’s export finance department, to GTR.
The funds will be used by the telecoms firm to buy 2G and 3G equipment for around 20 subsidiaries from Finland’s Nokia Siemens Networks.
While Robert would not reveal the exact pricing, he did state that “the price is confidential but it is quite attractive for the Telefonica group”.
Furthermore, Telefonica are paying a fixed rate on the loan.
Reader Comments