Avantel Receives Approval for an Application of a $481 Million Dollar Financing Program.MEXICO CITY--(BUSINESS WIRE)--Feb. 3, 1997--The Export-Import (Ex-Im) Bank of the United States Bank of the United States, name for two national banks established by the U.S. Congress to serve as government fiscal agents and as depositories for federal funds; the first bank was in existence from 1791 to 1811 and the second from 1816 to 1836. and the Export Development Corporation of Canada (EDC EDC See: Export Development Corp. ) approved Avantel's request to support its investment plan through a $481 million dollar financing program. "This is the first time that the Ex-Im Bank See Export-import Bank. has authorized a commitment to guarantee a commercial loan to a telecommunications company on a project finance basis. This financing transaction is one of the most significant authorized to date in Mexico by EDC," said Jose Maria Zubiria, CFO See Chief Financial Officer. of Avantel. The structure of this deal is based strictly on the expected cash flow of Avantel, which shows the great expectations that the financial institutions have in both, Mexico and Avantel. Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. is acting as the structuring agent and ABN AMRO, Banamex and Swiss Bank are also participating as co-agents of the transaction. "The terms and conditions obtained by Avantel in this financing are the best ever in a transaction of this nature," said Lorenzo Gonzalez, vice president of Bank of America in Mexico. The term of the facility will be 13 years. CONTACT: Bank of America Susan Stanley, 415/622-4449 (Estados Unidos) or Avantel Diego Arrazola, 525/720-4477 (Mexico) |
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