ISLAMABAD, Jazz has secured a PKR 50 billion syndicated credit facility from a banking consortium led by HBL. This 10-year facility will be used to finance the company\u2019s ongoing 4G network rollouts and technology upgradation.<\/p>\n
This is the first of its kind facility extended to the Telecom sector in terms of the amount and tenor, said a press release issued here on Thursday.<\/p>\n
The facility is fully subscribed by HBL, the consortium\u2019s investment agent and mandated lead arranger. Other Banks who are also acting as the mandated lead arrangers and advisors on this deal include, 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<\/p>\n
As the country\u2019s leading digital services provider, Jazz has over 69 million subscribers and more than 28 million 4G users nationwide. Over a period of two years, the company has invested USD 462 million on 4G infrastructure. The Pakistan Credit Rating Agency Limited (PACRA) has also recently upgraded Jazz\u2019s long-term rating to \u2018AA\u2019 with a stable outlook, depicting the company\u2019s strong financial depth in the industry.<\/p>\n
HBL, Pakistan\u2019s largest bank, was the first commercial bank to be established in Pakistan in 1947. Over the years, HBL has grown its branch network to over 1,650+ branches, 2,100+ ATMs and 54,000+ Konnect by HBL agents (branchless banking platform), serving over 23 million customers in 14 countries across the world.<\/p>\n
\u201cWe continue to drive the digital Pakistan agenda by improving digital infrastructure, bridging the digital divide and focusing on financial inclusion. We are enabling societies by investing in entrepreneurship, digital skills and literacy. This facility is an integral step towards ensuring that people are not bound by the limitations of geography, gender, or socioeconomic background, in harnessing the power of the internet. A transaction of this size is a testament to the trust the financial community has on Jazz\u2019s strong financial profile and its leadership position in the telecom industry,\u201d said Gabor Kocsis, Chief Financial Officer, Jazz.<\/p>\n
Muhammad Aurangzeb, President & CEO \u2013 HBL commenting on the occasion stated, \u201cWe are delighted to have led this landmark transaction in the Telecom sector. HBL has a long-standing relationship with JAZZ spanning more than two decades. For the Bank, such transactions serve HBL\u2019s strategic priority of supporting the promotion of digitalization across the country, while underscoring HBL\u2019s commitment to stand by the robust and progressive Telecom sector of Pakistan.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD, Jazz has secured a PKR 50 billion syndicated credit facility from a banking consortium led by HBL. This 10-year facility will be used to finance the company\u2019s ongoing 4G network rollouts and technology upgradation. This is the first of its kind facility extended to […]<\/p>\n
\n","protected":false},"author":2,"featured_media":12479,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[8296,8295,8293,8294],"class_list":["post-12478","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-business-news","tag-4g-network-rollout","tag-credit-facility","tag-jazz","tag-telecom-sectors"],"yoast_head":"\n