Idea plans debt restructuring
March 15, 2005
According to news reports, Idea Cellular is planning to restructure its debt portfolio by replacing the existing debt with a $1 billion syndicated loan. The company has hired a number of global banks to arrange the fund mobilisation. At present, Idea's total debt is around $1 billion but it comprises different loans with different terms and conditions.
The company is planning to migrate the existing loans to a common single security package. This move is expected to reduce interest costs by about half, from 11-12 per cent to 6-7 per cent.
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